Stocks soared Monday morning following good news from the G-20 summit.
Monday morning got the second half of 2019 off to a strong start as investors reacted favorably to news out of the G-20 meeting over the weekend. Leaders from the U.S. and China managed to find enough common ground to avoid escalating trade tensions between the two countries any further, and market participants chose to see that as a sign that an anticipated global economic slowdown might not be a foregone conclusion. As of 11:15 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was up 165 points to 26,765. The S&P 500 (SNPINDEX:^GSPC) rose 23 points to 2,965, and the Nasdaq Composite (NASDAQINDEX:^IXIC) picked up 88 points to 8,094.
Warren Buffett and Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B) stand to gain from good news in the corporate world, and the Oracle of Omaha took another step in his lifelong mission to donate the vast majority of his wealth to charity. Meanwhile, half a world away, Las Vegas Sands (NYSE:LVS) got a nice boost from improving conditions in the Asian gambling capital of Macao, and a stronger Chinese economy could spell further gains for the casino giant in the future.
Buffett makes a move
Shares of Berkshire Hathaway were up about 1% Monday morning after the company’s chairman and CEO made a major announcement. Warren Buffett said that he would convert 11,250 of his Class A Berkshire shares into Class B shares, in preparation for donating them to several charitable foundations.
In a press release, Berkshire revealed that Buffett will make immediate gifts of roughly 16.8 million Class B shares to five different entities. Buffett has had a long connection with the Bill & Melinda Gates Foundation, and the other four foundations getting gifts all