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News Summary: Stocks fail to hold onto Fed boost

Published on NewsOK Modified: December 12, 2012 at 4:00 pm •  Published: December 12, 2012

FED FIZZLE: Stocks ended the day little changed after a rally prompted by the Federal Reserve's latest economic stimulus program fizzled out. The central bank said it will keep spending $85 billion a month on bond purchases to drive down long-term borrowing costs and stimulate borrowing. Investors were briefly distracted but are more concerned about the crucial budget talks going on in Washington.

FIVE-WEEK HIGH: The Standard & Poor's 500 held at a five-week high. The index has advanced on speculation that lawmakers will reach a deal to avoid the U.S. going over the "fiscal cliff" in January.

BUFFET BUYBACK: Berkshire Hathaway's Class A shares jumped $3,169, or 2.4 percent, to $134,000 after the company paid $1.2 billion to repurchase 9,200 shares from the estate of a longtime shareholder. The board of Warren Buffett's company also approved paying higher prices for future buybacks.


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