THE NEWS WRAP: Warren Buffett’s investment firm pours $5 billion into the Bank of America
Thursday, August 25, 2011/
Warren Buffett’s investment firm has poured $5 billion into the Bank of America, in a vote of confidence for the troubled bank.
Investors had speculated that Bank of America wouldn’t be able to raise enough capital to meet global standards, potentially impacting overall market confidence.
However, the investment by the “Sage of Omaha”, similar to his backing of Goldman Sachs last year, allayed these fears, with the bank’s shares rising 66 US cents, or 9.4%.
Apple share price rebounds
Apple’s share price stabilised overnight following a sharp dip in the wake of Steve Jobs’ decision to stand down as CEO.
The tech giant’s shares ended down by one cent by the close of trading, outperforming both the Dow Jones industrial average and the Standard & Poor’s 500 index.
Meanwhile, Tim Cook, the man who has replaced Jobs, said that Apple is “not going to change” with him at the helm.
Facebook passes one trillion page views a month
Facebook has surpassed one trillion page views per month, according to new figures.
Data from DoubleClick shows that the social networking site attracted 870 million unique users in July, with over one trillion page views.
However, another third party report suggests that Facebook’s traffic is declining, something that the company denies.
The Dow Jones Industrial Average dipped by 170.89 points, or 1.51%, to 11,149.82. The Australian dollar was down to 104.50 US cents.