Warren Buffett’s company’s profits improved 17% thanks to a relatively mild hurricane season and more paper investment gains this year as Berkshire Hathaway continues to prepare for the legendary 95-year-old investor to relinquish the CEO title in January. But last month’s $9.7 billion investment in OxyChem won’t do much to diminish the $381.7 billion cash pile that Berkshire was sitting on at the end of September even though it is the biggest deal the company has made in years. The biggest thing on most investors’ minds right now is that Buffett Vice Chair Greg Abel is set to succeed Buffett as CEO in January although Buffett will remain chairman
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The U.S. stock market sank from record heights as Wall Street sifted through mixed developments on everything from the U.S.-China trade war to profits for Big Tech behemoths. The S&P 500 fell 1% Thursday and edged further from its all-time high set on Tuesday. The Dow Jones Industrial Average slipped 0.2%, and the Nasdaq composite dropped 1.6% from its record set the day before. President Donald Trump hailed his much-anticipated talk with China’s leader, Xi Jinping, but major tensions remain between the world's two largest economies. On Wall Street, Meta Platforms and Microsoft sank, while Alphabet climbed following its profit report.
U.S. stocks and the price of gold fell, as momentum on Wall Street reverses. The S&P 500 sank 0.5% Wednesday, though it’s still not far below the all-time high it set earlier this month. The Dow Jones Industrial Average dropped 0.7%, from its record set the day before, while the Nasdaq composite fell 0.9%. Netflix helped drag the market lower after reporting a profit that fell short of forecasts. Beyond Meat added more wild swings to its meme-stock run, and the price of gold sank for a second straight day from its record. Stock indexes were mixed across Europe and Asia.
The Dow Jones Industrial Average hit a record. It rose 218 points, or 0.5%, on Tuesday and topped its prior all-time high, which was set early this month. The S&P 500 index, which is much more important on Wall Street and dictates the performance of many more 401(k) accounts, was essentially flat and finished 0.3% below its own record. Strong earnings reports from 3M, Coca-Cola and others helped drive the gains. But some Big Tech stocks faltered and pulled the Nasdaq composite down 0.2%. The price of gold took a break from its torrid run this year and fell.
Most U.S. stocks rose following another topsy-turvy day on Wall Street. The S&P 500 added 0.4% Wednesday, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back. The Nasdaq composite climbed 0.7%, and the Dow Jones Industrial Average lagged the market after edging down by less than 0.1%. Trading has been erratic since the end of last week, when President Donald Trump shattered Wall Street’s calm by threatening higher tariffs on China. Technology and bank stocks helped lead the way Wednesday. Treasury yields rose.
In the U.S., revenue rose 17.4%, driven by growth from small and medium-sized businesses.
Louisville-based Limestone Bancorp said its third-quarter profit fell compared to a year ago, but thanks to state tax legislation, earnings for the first nine months are still better than a year ago.
UPS has been working to upgrade its network as the growth of online shopping puts more pressure on delivery speed.