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Dow rises nearly 200 as Berkshire Hathaway jumps

(CNBC) — The Dow Jones Industrial Average and S&P 500 rose on Monday as gains in Berkshire Hathaway buoyed the broader financials sector.

The 30-stock index gained 190.87 points to close at 25,461.70 while the S&P 500 climbed 0.6 percent to 2,738.31.

Berkshire Hathaway’s Class B shares climbed 4.7 percent after Warren Buffett’s conglomerate disclosed over the weekend it bought back nearly $1 billion of its own shares in August. Financials rose 1.4 percent while Citigroup and Bank of America gained 2.1 percent and 0.6 percent, respectively. J.P. Morgan Chase advanced 0.7 percent.