The Stock Market Is Soaring as Berkshire, Uber Make Big Buys
Investors came back from the holiday weekend in a good mood, and they've apparently declared independence from any serious concerns about a rise in COVID-19 cases in some key states across the nation. Some of the bullishness came from overseas, where countries that have done a far better job at containing the coronavirus pandemic are starting to look more favorably on their economic prospects. Just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 376 points to 26,203. The S&P 500 (SNPINDEX: ^GSPC) gained 47 points to 3,177, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 215 points to 10,424.
One sign of optimism in the stock market is that companies are looking at opportunities to make strategic acquisitions. Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has been on the prowl for good purchases for a long time, and it finally found one over the weekend. Meanwhile, Uber Technologies (NYSE: UBER) got the green light to move forward with an acquisition of its own that should help it boost its market share in a key industry niche.
Berkshire Hathaway shares were up about 2% on news that Warren Buffett's insurance giant has found a target on which to deploy some of its vast cash hoard. Berkshire will pay $9.7 billion to purchase the natural gas transmission and storage business of utility company Dominion Energy (NYSE: D), which will involve about $4 billion in upfront cash payment and the assumption of the natural gas utility's debt worth about $5.7 billion.
Source Fool.com
