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

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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.

 

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