Wall St. jumps with energy, materials; Berkshire deal a boost
"U.S. stocks climbed on Monday, giving the S&P 500 its biggest gain since May as indexes bounced back sharply from last week's losses, buoyed by gains in commodity-related shares and optimism over Warren Buffett's latest deal. Copper rebounded from six-year lows while oil prices also rallied, helping push the S&P 500 energy index .SPNY up 3.1 percent and the materials index .SPLRCM up 2.5 percent. Disappointing economic data in China boosted hopes for additional stimulus from Beijing, lifting Chinese stocks. Adding to investor optimism, Greece and international creditors could wrap up a multibillion-euro bailout accord by Tuesday. Buffett's Berkshire Hathaway (BRKa.N) (BRKb.N) said it would buy Precision Castparts (PCP.N) in a deal valuing the company at $32.3 billion. Precision Castparts' shares jumped as much as 19.1 percent to $230.92, while Berkshire Class B shares dipped 0.1 percent to $143.42." full story (VIEW LINK)
Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.
No areas of expertise