Berkshire Hathaway Bounces Back By 16% For Best Day In Decades
After nine straight days of drops, Berkshire Hathaway bounced back with the rest of Wall Street today (Friday).
Shares of Warren Buffett's holding company ended at $90,000 each, up $12,500 or 16.1 percent.
It's the biggest one-day percentage gain for Berkshire since at least 1985, topping the stock's 14.8 percent rally on September 19.
The stock surged in the last few minutes of trading, in what may have been a flurry of short-sellers covering their positions.
Today's gain widens Berkshire's year-to-date outperformance of the S&P, although it's still nothing to write home about. Berkshire is down 36.4% vs. the benchmark index's 45.4 percent drop.
Berkshire's drop from its December, 2007 all-time closing high, which was close to 50 percent yesterday, has been cut to "only" 39.7 percent.
In an interview with Fox Business Network today, Buffett said he wasn't worried about Berkshire's decline, pointing out that it's had three similar drops in the past. "I hope I live long enough so it happens a couple more times to me."
Current Berkshire stock prices:
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