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Stocks Snap 3-Day Rally Ahead of Fed Speech

August 25, 2011
CNBC.com

BBank of America soared almost 10 percent after Berkshire Hathaway said it will invest $5 billion in the bank. “There are two sides to this story—Despite BofA’s protest that they don’t need capital, they’re taking $5 billion in capital,” explained Brian Battle, vice president of trading at Performance Trust Capital Partners. “And they’re also getting the seal of approval from Warren Buffett…but in the end, the stamp of approval isn’t cheap and you know [Buffett] will benefit from it.” Battle said Buffett’s move is a net positive for Bank of America and also implies a bottom for financials.

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