On Thursday, Berkshire Hathaway, run by Mr. Buffett, announced plans to invest $5 billion in
Bank of America, a vote of confidence for the beleaguered financial firm.
While investors initially cheered the news bidding up bank stocks in trading this morning, the
sector settled down in the afternoon as the market digested the deal.
Shares of Bank of America, which spiked more than 25 percent on Thursday, are currently at
$7.55, up roughly 8 percent. Citigroup and Morgan Stanley, both up which jumped nearly 10
percent in the morning, gave back much of their early gains, too. JPMorgan Chase was off
slightly in the afternoon.
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