Warren Buffett this week added to his already massive stake in Bank of America at a time when the coronavirus pandemic still clouds the U.S. and global economic outlook.
A Securities and Exchange Commission filing showed Buffett's conglomerate, Berkshire Hathaway, bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire's stake in Bank of America by $813.3 million toBank of America shares rose nearly 1%, bucking the broader market's negative trend Thursday and outperforming other major banks such as JPMorgan Chase, Citigroup and Wells Fargo. Berkshire also has stakes in JPMorgan and Wells Fargo.
In May, Buffett struck an optimistic tone at Berkshire's annual shareholder's meeting, which was held virtually due to the coronavirus pandemic.," Buffett told shareholders. "The American miracle, the American magic has always prevailed and it will do so again."
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