Buffett Finally Makes His Move

The stock market is up again today. This could be the market’s fifth daily gain in a row. The big news this morning is that Uber (UBER) is buying Postmates in an all-stock deal worth $2.65 billion.

The other big story is that Warren Buffett is going into natural gas. Berkshire Hathaway (BRK-A) will buy the natural gas assets of Dominion Energy (D) for $10 billion. Berkshire has been sitting on a mountain of cash. According to financial statements, it was $137 billion, but Buffett said he has not seen any attractive deals.

Goldman Sachs lowered its estimates for Q3 GDP growth. They originally saw GDP rising at a 33% annualized rate. They’ve lowered that to 25%. Later this month, the government will release its first estimate of Q2 GDP growth.

The S&P 500 has been up as much as 1.4% this morning. Financial stocks have been particularly strong.

Posted by on July 6th, 2020 at 10:13 am


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