Buffett Steps Down Amid Market Volatility
US stocks opened mixed on Friday morning, following Thursday's strong rebound. The Dow Jones Industrial Average fell 93 points, or 0.18%, to open at a lower level than Thursday's close of 51,778.04.
The S&P 500 was little changed, up about 0.1%, while the Nasdaq Composite ticked up 0.33%. This comes after a day when stocks bounced back from Wednesday's Fed-induced sell-off, with the Dow rising 316.14 points, or 0.61%.
Elevated Treasury yields and cooling oil prices weighed on stocks again this morning, despite Thursday's relief rally. The 10-year Treasury yield rose more than 3 basis points to 4.98%, its highest level since July 2007.
Berkshire Hathaway announced that Warren Buffett is stepping down as chairman, taking over the role of chairman emeritus and remaining on the board. His son, Howard Buffett, will take over as chairman.