Bank Stocks Are Soaring After the Latest Interest Rate News. This Buffett Stock Is Beating Them All, and It Might Surprise You.
Last week, the Federal Reserve indicated that it will keep pushing the pause button on interest rate hikes, and that it expects to cut interest rates next year. That's been cause for celebration on Wall Street, where high interest rates weighed on many stocks last year. The S 500 is rallying, and it's up 24% as we close out 2023.
Interest rate trends affect bank stocks more acutely than others, and bank stocks have been surging on the news of moderating inflation, a receding chance of a recession, and interest rate stability. But one bank is moving higher than others, and you might be surprised to learn which one.
The bank stock that has been outdoing its peers is Ally Financial (NYSE: ALLY). Warren Buffett's holding company Berkshire Hathaway owns 9.6% of Ally, although it accounts for a tiny fraction of the Berkshire Hathaway portfolio.
Source Fool.com
Berkshire Hathaway Inc. A Stock
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