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W. Buffett’s Berkshire Hathaway purchased roughly 9.5 million shares of Occidental over the past week at a cost of nearly $530 million, according to a new regulatory filing late on Wednesday. Buffett’s investing conglomerate now owns roughly 152 million shares of Occidental—a 16.3% stake worth nearly $8.5 billion that makes Berkshire by far and away the largest shareholder in the energy giant.

Sectors: Sectors like utilities, consumer staples, and real estate helped push the market higher yesterday. Today, however, we could see a lot spicier action. Index provider FTSE Russell is re-balancing its stock benchmarks, which will send investors scrambling to trade an estimated $112 billion just before the market closes. Among other tweaks it’s making, Russell will now label Meta, Netflix, and PayPal as “value” stocks.

Markets:

• The Dow Jones Industrial Average DJIA, +2.68% gained 823.32 points, or 2.7%, to close at 31,500.68, its largest daily percentage gain since May 4.
• The S&P 500 SPX jumped 116.01 points, or 3.1%, to finish at 3,911.74, its biggest daily percentage gain since May 18, 2020.
• The NASDAQ Composite COMP, +3.34% surged 375.43 points, or 3.3%, to end at 11,607.62, its largest daily percentage gain since May 13.

For the week, the Dow booked a 5.4% gain, while the S&P 500 climbed 6.5% and the NASDAQ jumped 7.5%, according to Dow Jones Market Data. The Dow and S&P 500 each saw their biggest weekly gain since late May, while the NASDAQ had its best week since March.

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Filed under: Alerts Sign-Up, Investing, LifeStyle | Tagged: Berkshire Hathaway, DJIA, FTSE, FTSE Russell, markets, NASDAQ, S&P, sectors, value stocks, Warren Buffett | Leave a comment »