Investor Warren Buffett’s Berkshire Hathaway stock rose the most in two weeks after one of its largest holdings, Wells Fargo, posted a first-quarter profit of about $3 billion.
The stock jumped to $92,000 at 4 p.m in the NYSE according to Bloomberg data. Berkshire owned 290.2 million Wells Fargo shares as of December 31.
All other stocks in Berkshire’s portfolio including American Express co. and U.S. Bancorp have suffered as the global recession forced down the market value of financial firms. Shares of Berkshire have dropped nearly 30 percent in the past 12 months.
Berkshire Hathaway had its top level Aaa credit rating cut by Moody’s Investors Service and was cut two levels to Aa2.
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