The S&P 500 jumped 1.4% in afternoon trading to claw back more than two thirds of Friday’s drop. The Dow Jones Industrial Average was up 558 points, or 1.3%, as of 1:11 p.m. Eastern time, and the Nasdaq composite was 1.8% higher.

Berkshire Hathaway fell 3.2 per cent after Warren Buffetts company reported less than half as much profit in the second quarter from a year earlier in large part because it wrote down the value of its investment in Kraft Heinz.