U.S. markets start Tuesday with slide

NEW YORK, May 6 (UPI) -- U.S. stock indexes swung lower Tuesday after domestic and foreign financial giants announced first quarter write-downs.

Swiss bank UBS announced it would cut 5,500 jobs after write-downs of $19 billion in the first quarter. The Federal National Mortgage Association, known as Fannie Mae, said it would reduce common stock dividends after a first quarter net loss of $2.2 billion.

In midmorning trading Tuesday, the Dow Jones industrial average lost 93.23 points to 12,876.31, off 0.72 percent. The Standard and Poor's 500 index fell 8.56 points to 1,398.93, off 0.61 percent. The Nasdaq composite fell 10.35 points to 2,453.77, off 0.42 percent.

The 10-year U.S. Treasury note fell 14/32 to yield 3.818 percent.

The euro traded at $1.5558 from Friday's $1.5488 and the dollar traded at 104.23 yen from Friday's 104.84 yen.

Hong Kong's Hang Seng index gained 78.18 points to 26,262.13, up 0.3 percent Tuesday.

In Japan, the stock market was closed Tuesday.

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