Markets Snap Worst Losing Streak in 4 Years

A big reversal for the markets Monday, snapping their worst losing streak in four years. After enduring a seven-day losing streak, the Dow snapped it in half, logging gains of 242 points. The Dow and S&P 500 saw their biggest wins since May 8 and the Nasdaq tacked on 58 points; that's the biggest point gain since July 16.

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A food fight after hours: in its first earnings report since merging with Heinz, Kraft beat on EPS but missed on revenue, reporting a 4.1% decline in sales due to a negative impact from the strong dollar.

Shares of Shake Shack jumped 8% after hours, this after beating second quarter earnings estimates. The burger and shake chain saw its same-store sales jump 12.9%. SHAK also raised its full-year outlook.

Billionaire Warren Buffett gave a whole new meaning to Merger Monday. The Oracle of Omaha announced the biggest purchase of his career, shelling out $32 billion for Precision Castparts, a company that creates vital parts for the aerospace industry. I spoke with Mr. Buffett about it and asked, "what is it about the Oregon aircraft parts company that convinced you to make the biggest bet of your 50-year long career as CEO of Berkshire Hathaway?"

Buffett hasn't decided yet whether he will borrow some of the $32 billion to pay for Precision. With the Fed keeping money so cheap to borrow, I asked when he sees the Fed hiking rates.

Precision Castparts jumped 19% to $230.92.