Stocks have had a strong turnaround this week as the Dow finally broke a 7-day losing streak, closing with a 242 point jump or 1.4% increase. It was the biggest gain for the blue-chip index since May 8th as it recovered a large portion of a 378 point loss that occurred in the longest run of losses in 4 years. The S&P's 500 Index rose 1.3% and the NASDAQ went up 1.2% while the energy sector gained 3.1% as oil prices finally rebounded with a 2% jump. Stocks also got a boost when Buffett's Berkshire Hathaway agreed to buy Precision Castparts for $37 billion. The acquisition of the aerospace company is one of Buffett's largest deals ever and shares of Precision Castparts subsequently jumped more than 19%.
Overseas, China's Shanghai Composite surged 4.9% on hopes for new stimulus measures and Greek stocks rose as the Athens Stock Exchange gained 2%. Back in the U.S., the Labor Department said that 215,000 jobs were added in July causing stocks to fall slightly last Friday. The announcement also provided the Federal Reserve with key data as it continues to assess whether to raise interest rates.
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