News Formal

Stocks slip after Dow hits record, but head for winning week: Live updates

  • 📰 CNBC
  • ⏱ Reading Time:
  • 24 sec. here
  • 14 min. at publisher
  • 📊 Quality Score:
  • News: 55%
  • Publisher: 72%

Breaking News: Markets News

Stock Markets,Markets,United States

The S&P 500 and 30-stock Dow hit records on Thursday, supported by the Federal Reserve's oversized rate cut and jobless claims that were below estimates.

Warren Buffett's Berkshire Hathaway resumed selling down its big Bank of America stake, according to a regulatory filing . The conglomerate dumped about 22.27 million shares of the bank for roughly $896 million in separate sales from Tuesday through Thursday. Berkshire now owns 836 million shares, or a 10.8% stake in the lender. Since mid-July, Berkshire has offloaded about $8 billion of Bank of America stock.

He converted those warrants in 2017, making Berkshire the largest shareholder in BofA. The 'Oracle of Omaha' then added 300 million more shares to his bet around 2018 and 2019. BofA CEO Brian Moynihan recently said he has no knowledge of Buffett's motivation for selling. 'I don't know what exactly he's doing, because frankly, we can't ask him. We wouldn't ask,' he said during Barclays Global Financial Services Conference last week.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in AU

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks are little changed as Dow hovers near record highs: Live updatesInvestors were awaiting Nvidia's earnings, due out after Wednesday's closing bell.
Source: CNBC - 🏆 12. / 72 Read more »

Global stocks plunge after worst fall since August meltdown knocks Dow down 600World stocks tumbled Wednesday after Wall Street had its worst day since early August, with heavyweight Nvidia falling 9.5%, leading to a global ...
Source: AllSidesNow - 🏆 572. / 51 Read more »

Stocks making the biggest moves midday: PDD Holdings, Icahn Enterprises, SolarEdge and moreSeveral stocks saw large declines on Monday even as the Dow hit a record high.
Source: CNBC - 🏆 12. / 72 Read more »

Top Dow stocks in August and where analysts see them going nextThese stocks led the Dow in August and all but two are set up for more gains ahead.
Source: CNBC - 🏆 12. / 72 Read more »

Dow hits all-time high as stocks jump ahead of crucial Fed rate decisionMarkets have been in a bull run since the start of this year on expectations the Fed would kick off its monetary policy easing cycle soon.
Source: nypost - 🏆 91. / 67 Read more »