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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
bsp-banner
Economic Updates
Monthly Economic Update: Two more BSP cuts 
July 31, 2025 DOWNLOAD
US Fed Chairman Jerome Powell
Reports
Policy rate views: US Fed still on wait-and-see
July 31, 2025 DOWNLOAD
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
View all Reports

Archives: Reuters Articles

UPDATE 2-Philippines starts new era of Marcos rule, decades after overthrow

“I will get it done,” Marcos says

Promises economic reforms, to heal divisions

Protesters say must guard against false narratives

Recasts, adds more Marcos quotes, protests, reaction

By Karen Lema and Neil Jerome Morales

MANILA, June 30 (Reuters) – Ferdinand Marcos, the son of the Philippine ruler overthrown in a popular uprising 36 years ago, was sworn in as the country’s president on Thursday, promising to strive for unity and a better future while praising his late father’s legacy.

Marcos, 64, won last month’s election in a landslide, capping off his wealthy family’s decades-long quest to regain the presidency and transform its image after it was driven out in 1986. nL2N2X00JH nL3N2X13YT

“We are here to repair a house divided, to make it whole and to stand strong again,” he said in an inauguration speech that echoed his campaign slogans of unity.

In a rousing, 30-minute address with sister Imee, a senator, and mother Imelda, a former congresswoman, seated nearby, Marcos Jr thanked voters for giving him “the biggest electoral mandate in the history of Philippine democracy”, and said the country would go far on his watch.

The elder Ferdinand Marcos ruled for two decades from 1965, almost half of it under martial law, helping him to extend his power until his overthrow and his family’s retreat into exile during a “people power” revolution.

Thousands of his opponents were jailed, killed or disappeared during his rule, and the family name became synonymous with cronyism, extravagance and billions of dollars of missing state wealth. The Marcos family denies embezzlement.

“I am here not to talk about the past. I am here to tell you about our future,” Marcos Jr said before thousands of cheering supporters, waving flags, and wearing red, a colour associated with his father.

“No looking back in anger or nostalgia.”

Marcos Jr, who closely resembles his late father, defended his father’s legacy and said he would emulate his achievements.

“I once knew a man who saw what little had been achieved since independence … but he got it done. Sometimes with the needed support, sometimes without, so, will it be with his son. You will get no excuses from me,” he said.

Marcos took his oath at the heavily guarded National Museum, once a legislative building that witnessed frequent demonstrations against his father’s presidency.

‘REJECT, MARCOS’

Close by, hundreds protested against Marcos, angered by a campaign his critics say relied heavily on social media to win votes by debunking narratives of Marcos-era abuses and decadence and offering alternative versions of history.

Carrying banners saying “Reject, Marcos” they gathered at the Plaza Miranda, where some of his father’s opponents were killed and injured in a bombing blamed on communists.

Marcos campaigned on the slogan “together, we shall rise again”, invoking nostalgia for his father’s rule, which his family and supporters have portrayed as a golden age for the Philippines.

At a heroes’ monument, victims of persecution under martial law gathered for their own oath-taking, promising to guard against what they called tyranny and lies.

“The survivors are a vanishing breed, if not an endangered species and the time to correct falsehoods and lay bare the truth is now,” said Cristina Bawagan, who said she suffered abuse under the elder Marcos’ rule.

His son has pledged to deliver jobs and bring down consumer prices in a country of 110 million people, nearly a quarter of whom live on less than $2 per day.

He said he would not disappoint the public and would improve food sufficiency, education, infrastructure and energy supply, tackle plastics pollution and better support millions of overseas Filipino workers.

“I am ready for the task,” he said. “I will get it done.”

FACTBOX-Key figures in Philippine President Marcos’ new administrationnL4N2YG1DF

EXPLAINER-Hurdles ahead as Philippines’ Marcos begins six-year presidencynL4N2YE1C5

Marcos, son of strongman, triumphs in Philippines presidential electionnL2N2X00JH

Philippines election win returns Marcos to power, and polarisationnL3N2X13YT

GRAPHIC-Philippines returns to Marcos rule https://tmsnrt.rs/3y6r6M9

Fall and rise: Marcos family back in power in the PhilippinesnL3N2X12D7

SPECIAL REPORT-Marcos could control hunt for family’s wealth as Philippines presidentnL3N2WV114

EXPLAINER-What will a Marcos presidency in the Philippines look like?nL3N2X2290

FEATURE-‘Our blood is boiling’: Victims angry as son of dictator closes in on Philippine presidencynL2N2WX12V

Seeking return of disputed ‘golden age’, Philippine voters back son of dictator MarcosnL3N2WX0ZF

(Additional reporting by Peter Blaza; Editing by Martin Petty, Michael Perry and Alison Williams)

((karen.lema@thomsonreuters.com; +632 841-8938))

Philippines President Marcos says food sufficiency urgent issue

MANILA, June 30 (Reuters) – Philippines President Ferdinand Marcos said on Thursday ensuring food sufficiency for a country battling soaring inflation will be among his top priorities as he began his six-year term.

“The role of agriculture cries for the urgent attention that its neglect and misdirection now demands,” Marcos, who has appointed himself as agriculture minister, said after taking the oath as president on Thursday.

(Reporting by Neil Jerome Morales and Karen Lema; Editing by Martin Petty)

((martin.petty@tr.com; +66896070413;))

Gold heads for worst quarter in five as dollar dominates

Gold heads for worst quarter in five as dollar dominates

June 30 (Reuters) – Gold was mostly quiet on Thursday, but faced its worst quarter since early 2021 as a remarkable showing from the dollar kept investors away, with bullion’s outlook clouded by top central banks adopting aggressive tactics to fight stubborn inflation.

Spot gold was down 0.1% at USD 1,814.96 per ounce, as of 0754 GMT. US gold futures dipped 0.1% to USD 1,815.50.

Gold prices, set to drop for a third straight month, have fallen about 6.4% this quarter.

A combination of rising yields and US dollar have played their part in gold’s underperformance, City Index senior market analyst Matt Simpson said, but noted that gold priced in other currencies had not performed too badly.

The US dollar hovered near its recent two-decade peaks, and could record its best quarter in over five years, making greenback-priced gold more expensive for buyers holding other currencies.

Bringing down high inflation around the world will be painful and could even crash growth, but must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs said on Wednesday.

Higher bond yields and interest rate hikes by central banks to fight inflation raise the opportunity cost of holding bullion, which yields no interest.

Bullion’s performance in the second quarter erased gains made earlier in the year, as a spiraling Ukraine-Russia conflict lifted demand for the safe haven, with prices back around levels they started 2022 at just above USD 1,800.

Looking forward, the bias will become increasingly bearish as rate hikes continue to come through and bring down inflation expectations, Ilya Spivak, a currency strategist at DailyFX said, adding that USD 1,780-USD 1,790 is a critical support level.

Spot silver rose 0.4% to USD 20.78 per ounce, while platinum fell 0.3% to USD 913.93 and palladium XPD= eased 0.2% to USD 1,957.93. However, they were all still headed for monthly and quarterly losses.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Rashmi Aich, Sherry Jacob-Phillips and Amy Caren Daniel)

 

Oil dips as market weighs supply concerns, fuel stocks build

Oil dips as market weighs supply concerns, fuel stocks build

SINGAPORE, June 30 (Reuters) – Oil prices edged lower in volatile trading on Thursday as the market weighed concerns of global supply and a build in US fuel product inventories.

Brent crude futures for September, the more actively traded contract, were down 45 cents, or 0.4%, to USD 112.00 per barrel at 0711 GMT.

The August contract, which expires Thursday, was at USD 115.15, down USD 1.11 a barrel, or 1.0%.

US West Texas Intermediate (WTI) crude futures fell 57 cents, or 0.5%, to USD 109.21.

“The net drop in crude oil inventories was flattered by SPR releases, while the gasoline stock jump is because US refineries are running at over 95.0% capacity,” said Jeffrey Halley, OANDA’s senior market analyst for Asia Pacific.

Crude inventories fell by 2.8 million barrels in the week to June 24, far exceeding analysts’ expectations in a Reuters poll for a 569,000 barrel drop, US Energy Information Administration data showed, though US gasoline and distillate stockpiles climbed.

Fuel stocks rose as refiners ramped up activity, operating at 95% of capacity, the highest for this time of year in four years.

But further disruptions to supply limited price declines, said ANZ analysts, amid a suspension of Libyan shipments from two key eastern ports, while Ecuador saw output fall due to ongoing protests.

Exports of Ecuador’s flagship Oriente crude remain suspended under a force majeure declaration as the spread of anti-government protests hurt oil output, state-run Petroecuador said on Wednesday.

Meanwhile, the OPEC+ group, which includes allies such as Russia, began two days of meetings on Wednesday, though sources said there was little prospect of pumping more oil.

(Reporting by Jeslyn Lerh in Singapore and Arathy Somasekhar in Houston; editing by Kim Coghill and Jason Neely)

 

Oil prices stable as market weighs fuel stocks build amid supply concerns

Oil prices stable as market weighs fuel stocks build amid supply concerns

HOUSTON, June 29 (Reuters) – Oil prices were little changed on Thursday as markets weighed a rise in US gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness.

Brent crude futures for August dropped 25 cents, or 0.2%, to USD 116.01 a barrel in light trading as the August contract is set to expire on Thursday. The more-active September contract was at USD 112.18, down 27 cents, or 0.2%.

US West Texas Intermediate (WTI) crude futures slid 19 cents, or 0.2%, to USD 109.58 a barrel.

Both contracts slid about 2% on Wednesday after The Energy Information Administration (EIA) said US crude inventories fell last week even as production hit its highest level since April 2020 during the first wave of the coronavirus pandemic.

Fuel stocks rose as refiners ramped up activity, operating at 95% of capacity, the highest for this time of year in four years.

A stronger dollar also pressured prices as it makes oil more expensive for buyers using other currencies.

Still prices found some support on worries on supply concerns.

Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, which includes allies such as Russia, began two days of meetings on Wednesday with sources saying there was little prospect of pumping more oil.

Across the world in Ecuador, the spread of anti-government protests hurt oil output forcing a force majeure declaration on exports of Ecuador’s flagship Oriente crude.

Uncertainty in global oil and gas markets could stay for some time to come as spare capacity is very low while demand is still recovering, Shell PLC (SHEL) Chief Executive Officer Ben van Beurden said.

(Reporting by Arathy Somasekhar in Houston)

Dollar gains, yields ease after Powell inflation comments

Dollar gains, yields ease after Powell inflation comments

NEW YORK, June 29 (Reuters) – US Treasury yields eased for a second consecutive day and the dollar rose on Wednesday after Federal Reserve Chairman Jerome Powell said there is a risk the US central bank’s interest rate hikes will slow the economy too much, but the bigger risk is persistent inflation.

The S&P 500 ended slightly lower, and looked set to put in the worst first-half for the US benchmark index in more than five decades.

“The clock is kind of running on how long will you remain in a low-inflation regime. … The risk is that because of the multiplicity of shocks you start to transition into a higher inflation regime and our job is to literally prevent that from happening and we will prevent that from happening,” Powell said at a European Central Bank conference.

Investors have worried that an aggressive push by the Fed to dampen inflation will tip the economy into recession.

Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Company, said investors are waiting for Thursday’s data on the personal consumption expenditures (PCE) price index.

“A slowdown or a mild recession is almost consensus at this point as it relates to the economy,” he said. “The question from here is how much does the Fed have to do to get inflation under control.”

A Commerce Department report on Wednesday showed that the US economy contracted slightly more than previously estimated in the first quarter as the trade deficit widened to a record high and a resurgence in COVID-19 infections hurt spending on services like recreation.

Treasury yields slipped as inflation worries hounded investors.

The yield on 10-year Treasury notes US10YT=RR fell 10.5 basis points to 3.102%, while the two-year’s yield slid 6.5 basis points to 3.059%.

In foreign exchange, the dollar index rose 0.593%, with the euro up 0.02% to USD 1.0441.

On Wall Street, the Dow Jones Industrial Average rose 82.32 points, or 0.27%, to 31,029.31, the S&P 500 lost 2.72 points, or 0.07%, to 3,818.83 and the Nasdaq Composite dropped 3.65 points, or 0.03%, to 11,177.89.

With the end of the month and the second quarter a day away, the S&P 500 may be set for its biggest first-half percentage drop since 1970.

The pan-European STOXX 600 index lost 0.67% and MSCI’s gauge of stocks across the globe shed 0.53%.

Oil prices fell, with an increase in US gasoline and distillate inventories and worries over slower global economic growth overshadowing supply concerns.

Inflation fears have been fueled in large part by recent sharp gains in oil prices.

Brent futures for August delivery fell USD 1.72, or 1.5%, to settle at USD 116.26 a barrel. The August contract will expire on Thursday and the more-active September contract was down USD 1.35 to USD 112.45. US West Texas Intermediate crude for August fell USD 1.98, or 1.8%, to settle at USD 109.78.

Spot gold dropped 0.1% to USD 1,818.13 an ounce.

Bitcoin last fell 0.21% to USD 20,218.24.

(Reporting by Caroline Valetkevitch; additional reporting by Sujata Rao in London and Stephen Culp and Herbert Lash in New York; Editing by Marguerita Choy and Alex Richardson)

Hurdles ahead as Philippines’ Marcos begins six-year presidency

MANILA, June 30 (Reuters) – Ferdinand Marcos starts his six-year term as Philippines president on Thursday facing a host of challenges, from rising inflation and pandemic recovery to balancing relations between competing superpowers the United States and China.

The 64-year-old, who is allowed only one term in the top job, has yet to fill all cabinet posts, but he has so far nominated experienced technocrats to handle the economy, helping to ease some market fears about his presidency and policy inexperience.

WHAT ARE THE IMMEDIATE PRIORITIES?

Marcos is inheriting an economy that is on a solid footing after bouncing back from the worst of the pandemic, but he will be under pressure to sustain that recovery while battling soaring inflation. Taming it will be his top priority.

Having promised during the campaign to halve the cost of rice, the national staple, Marcos has appointed himself agriculture minister, citing the urgent need to boost farm production to strengthen food security and also keep food prices under control.

Rising inflation driven by higher food and fuel costs, has prompted the Philippines to join global peers in starting to dial back policy stimulus. The new central bank governor Felipe Medalla has signalled the prospect of a series of gradual interest rate hikes to combat runaway inflation.

WHAT ABOUT LONGER-TERM PROJECTS?

Weak infrastructure has long been an impediment to attracting foreign investment in the Philippines and upgrades to ports, roads, rail, air terminals, power transmission and utilities are long overdue.

The Marcos team has said it was open to tapping private funds for the infrastructure and would continue his predecessor’s pandemic-delayed “build, build, build” program. Advancing this would help Marcos show tangible results, while creating jobs and foreign investor interest.

However, to avoid constraints on funding, Marcos and his economic team will also need to control government debt that had ballooned to 60.5% of gross domestic product at the end of 2021, the highest ratio in 16 years, from 39.6% before the pandemic.

His finance minister, Benjamin Diokno, said he prefers to focus on improving tax administration and collection, including reducing corruption, than raising taxes, to boost revenues.

WHAT APPROACH WILL MARCOS TAKE ON MINING?

Marcos faces a difficult task of balancing the economic benefits of exploiting the Philippines’ vast untapped mineral resources with protection of its stunning but fragile natural environment.

Mining accounts for just 1% of the economic output of the Philippines and only an estimated 5% of its minerals have been extracted so far. A third of its land mass is deemed by experts to have high mineral potential.

Marcos has said he would push for “clean mining” and wants to see some value added to mineral exports by selling processed materials instead of just ores. The Philippines is China’s biggest supplier of mostly low-grade nickel ore.

WHICH DIRECTION WILL HIS FOREIGN POLICY GO?

While Marcos is widely perceived to be friendly to China, political observers believe his approach will differ from that of predecessor Rodrigo Duterte, who enthusiastically courted Beijing – with little in return – while threatening to downgrade ties with former colonial ruler, the United States.

Marcos said during the campaign he would have to “walk a very, very fine line” between Beijing and defence treaty ally Washington. While he has expressed intent to elevate ties with China, he has also vowed to stand firm against any threat it poses to Philippine sovereign interests.

“Marcos realised there’s a lot of public scepticism after years of Duterte’s fruitless flirtations with China,” said Richard Heydarian, an author and academic who specialises in politics and foreign relations.

Maintaining the country’s alliance with the United States, Heydarian said, will be essential in keeping the military and the public onside in a country with historically strong links to the United States.

(Reporting by Karen Lema and Enrico dela Cruz; Editing by Martin Petty)

Incoming BSP governor may consider bigger rate hikes

Incoming BSP governor may consider bigger rate hikes

MANILA, June 29 (Reuters) – The Philippine central bank may consider bigger interest rate hikes to support the peso, though will not be obliged to match policy tightening by the U.S. Federal Reserve, the Southeast Asian country’s incoming governor said on Wednesday.

“If we see that the exchange rate is overshooting too much and that selling forex will not make the problem go away we would consider maybe increasing policy rates more than our planned 25 basis points hike,” Felipe Medalla told a media briefing.

The Bangko Sentral ng Pilipinas (BSP) kicked off its tightening cycle in May by raising rates by 25 basis points and followed up with another quarter-point increase in June to combat above-target inflation. Its next policy review is in August.

Medalla, who said the central bank’s future policy decisions will be data dependent, has previously said he favored a gradual rise in the benchmark interest rate to slow the rise in consumer prices.

He also said the central bank need not match rate increases by the Federal Reserve, which on June 15, rolled out its largest interest hike in more than a quarter of a century to stem surging inflation and pledged to do more.

The narrowing gap between Philippines and US interest rates has weighed on the peso, which hit 17-year lows against the U.S. dollar this week.

The peso is up to now the worst performer among currencies of Southeast Asia’s five biggest economies this year, having fallen more than 7%.

While the central bank will let market forces determine the foreign exchange rate, Medalla said the BSP was also paying attention to the downsides of a weaker currency as it pushed up import prices, weighing on the purchasing power of consumers.

Medalla, who will replace outgoing governor Benjamin Diokno, takes office on July 1.

(Reporting by Neil Jerome Morales and Karen Lema; Editing by Ed Davies)

Stocks tumble after weak US confidence data, oil gains

Stocks tumble after weak US confidence data, oil gains

NEW YORK, June 28 (Reuters) – Stocks on global indexes fell sharply on Tuesday, with the S&P 500 down 2% after a report showed US consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day.

Helping oil, major oil producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to lift output much while Western governments agreed to look for ways to cap the price of Russian oil.

The Conference Board said Tuesday US consumer confidence fell sharply in June as worries about high inflation left consumers anticipating economic growth would weaken significantly in the second half of the year. nN9N2WB00W

Investors have been worried that an aggressive interest rate hike cycle by the US Federal Reserve to tame inflation could tip the economy into recession.

All three major indexes ended well down on Wall Street, with every S&P 500 sector losing ground aside from energy.

Earlier in the session, news that China relaxed some COVID-19 quarantine rules helped lift stocks as investors hoped for a revival in global growth.

“It doesn’t take much in terms of negativity to cause that profit-taking,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

“At some point this aggressive selling is going to dissipate, but it doesn’t seem like it’s going to be anytime soon,” he said.

The Dow Jones Industrial Average fell 491.27 points, or 1.56%, to 30,946.99, the S&P 500 lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite dropped 343.01 points, or 2.98%, to 11,181.54.

The pan-European STOXX 600 index rose 0.27% and MSCI’s gauge of stocks across the globe shed 1.28%.

China slashed the quarantine time for inbound travellers by half in a major easing of one of the world’s strictest COVID-19 curbs, which have deterred cross-border travel and resulted in international flights running at just 2% of pre-pandemic levels.

Brent crude LCOc1 futures climbed USD 2.89, or 2.5%, to settle at USD 117.58 a barrel, while US West Texas Intermediate crude settled up USD 2.19, or 2%, to USD 111.76.

In foreign exchange, the euro weakened after European Central Bank President Christine Lagarde offered no fresh insight into the central bank’s policy outlook.

The dollar index rose 0.519%, with the euro EUR= down 0.61% to USD 1.0518.

US Treasury yields were mostly flat following the consumer confidence report.

The yield on 10-year Treasury notes fell 0.2 basis points to 3.192%.

A closely watched part of the Treasury yield curve measuring the gap between yields on two- and 10-year notes, a sign of economic expectations, was at 6.6 basis points. The gap earlier briefly spiked down to -7.24 when New York trade opened.

Spot gold dropped 0.1% to USD 1,820.29 an ounce.

Bitcoin last fell 2.1% to USD 20,264.23.

(Reporting by Caroline Valetkevitch in New York; Additional reporting by Samuel Indyk in London and Herbert Lash in New York; Editing by William Maclean, Matthew Lewis and Richard Pullin)

Wall Street stumbles as consumer pessimism stokes growth fears

Wall Street stumbles as consumer pessimism stokes growth fears

NEW YORK, June 28 (Reuters) – Wall Street closed sharply lower in a broad sell-off on Tuesday as dire consumer confidence data dampened investor optimism and fueled worries over recession and the looming earnings season.

The S&P and the Nasdaq fell about 2% and 3% respectively, with Apple Inc. (AAPL), Microsoft Corp. (MSFT) and Amazon.com (AMZN) weighing the heaviest. The blue-chip Dow shed about 1.6%.

“Markets were fine today until the consumer confidence number came out,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “It was weak and markets immediately began selling off.”

With the end of the month and the second quarter two days away, the benchmark S&P 500 is on track for its biggest first-half percentage drop since 1970.

All three indexes are on course to notch two straight quarterly declines for the first time since 2015.

“At some point this aggressive selling is going to dissipate but it doesn’t seem like it’s going to be anytime soon,” said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.

Data released on Tuesday morning showed the Conference Board’s consumer confidence index dropping to the lowest it has been since February 2021, with near-term expectations reaching its most pessimistic level in nearly a decade.

The growing gap between the Conference Board’s “current situation” and “expectations” components have widened to levels that often precede recession:

The Dow Jones Industrial Average fell 491.27 points, or 1.56%, to 30,946.99, the S&P 500 lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite dropped 343.01 points, or 2.98%, to 11,181.54.

Ten of the 11 major sectors in the S&P 500 ended the session in negative territory, with consumer discretionary suffering the largest percentage loss. Energy was the sole gainer, benefiting from rising crude prices.

With few market catalysts and market participants gearing up for the July Fourth holiday weekend, the day’s sell-off cannot be blamed entirely on the Consumer Confidence report, said Tom Hainlin, national investment strategist at US Bank Wealth Management in Minneapolis, Minnesota.

“It’s hard to attribute (market volatility) to one economic data point with so much noise around portfolio rebalancing at quarter-end,” Hainlin said.

“There’s not a lot of new information out there and yet you see this volatile stock environment,” he said, adding that there will not be much new information until companies start earnings.

With several weeks to go until second-quarter reporting commences, 130 S&P 500 companies have pre-announced. Of those, 45 have been positive and 77 have been negative, resulting in a negative/positive ratio of 1.7 stronger than the first quarter but weaker than a year ago, according to Refinitiv data.

Nike Inc. (NKE) slid 7.0% following its lower than expected revenue forecast.

Shares of Occidental Petroleum Corp. (OXY) advanced 4.8% after Warren Buffett’s Berkshire Hathaway Inc. (BRKa) raised its stake in the company.

Declining issues outnumbered advancing ones on the NYSE by a 2.28-to-1 ratio; on Nasdaq, a 2.70-to-1 ratio favored decliners.

The S&P 500 posted one new 52-week high and 29 new lows; the Nasdaq Composite recorded 29 new highs and 131 new lows.

Volume on US exchanges was 11.54 billion shares, compared with the 12.99 billion average over the last 20 trading days.

(Reporting by Stephen Culp; Additional reporting by Sinead Carew and Caroline Valetkevitch in New York, Shreyashi Sanyal and Amruta Khandekar in Bengaluru; editing by Grant McCool)

 

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