Stocks Fell in Early Trading on Greek Worries

U.S. stocks opened deeply lower Monday, on track for the first down day in six, weighed by indications Greece was on the brink of default. The Dow JonesIndustrial Average fell 249.76 points, or 2.17%, to 11,259.33.The S&P 500 lost 26.41 points, or 2.17%, to 1,189.60. The Nasdaq Composite fell 53.88 points,or 2.05%, to 2,568.43.

The Greek government prepared for crisis talks with European and International Monetary Fund officials Monday amid intensifying fears of potential default after euro-zone finance ministers last week further delayed a decision on the nation’s next round of financial aid.

President Barack Obama is expected to unveil about $3 trillion in reductions to the U.S. budget deficit over the next decade, including new tax measures and entitlement cuts, according to reports out Sunday.

UBS AG on Sunday raised its estimate of losses from unauthorized rogue trades to $2.3 billion, a $300 million increase from its earlier figure. The Swiss banking giant  said it had conducted a more thorough examination of the trades that could push UBS’s third-quarter results into the red and has prompted an investigation by European authorities.

Netflix Inc.’s chief executive and co-founder said late Sunday that the company will rebrand its DVD-rental service as “Qwikster,” and offered a public apology over a recent price hike.





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