Dollar mixed after Buffett invests $5B in BAC
Warren Buffett, chairman and chief executive of Berkshire Hathaway. (Oct. 5, 2010) Credit: AP
The dollar is mixed in morning trading, after Warren Buffett announced a $5 billion investment in Bank of America.
Buffett’s support for the troubled bank, whose shares had lost nearly half their value this year, is a shot in the arm for the markets and is encouraging some riskier bets on currencies other than the dollar.
Still, the dollar is not moving too much with a major speech scheduled by Federal Reserve Chairman Ben Bernanke on Friday. Investors are hoping for a repeat of last year, when he announced supportive measures for the U.S. economy.
In New York Thursday, the euro is up to $1.4435 from $1.4421, the British pound has dropped to $1.6354 from $1.6374, while the dollar rose to 77.07 Japanese yen from 77.01 yen.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
