Warren Buffett's BofA deal drives Dow higher

Associated Press

Published: Thursday, Aug. 25 2011 8:09 a.m. MDT

NEW YORK — Bank of America is leading the Dow Jones industrial average higher at the opening of trading on news that Warren Buffett is investing $5 billion in the bank.

Bank of America Corp.'s stock jumped 22 percent in early trading.

Apple Inc. fell more than 1 percent after co-founder and CEO Steve Jobs resigned late Wednesday.

The price of gold continues to fall, sinking $42 to $1,715 an ounce. Gold plunged $104 an ounce Wednesday.

The Dow is up 60 points, or 0.5 percent, to 11,381 shortly after the opening bell.

The S&P 500 index is up 11, or 0.9 percent, to 1,188. The Nasdaq is up less than a point at 2,467.

The S&P 500 index has gained 4.8 percent this week but is still down 8.9 percent this month.

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