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Market Wrap: Buffett Is Bullish on Bank of America

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The major indices climbed sharply on Tuesday as investors shift their focus away from the trade wars to fundamentals as earnings season gets underway.

The Dow closed the day up 237 points, while the Nasdaq and S&P 500 both rose 1% each. 

Warren Buffett likes what he has in Bank of America (BAC) - Get Bank of America Corp Report , so much so that he is petitioning the Federal Reserve for permission to increase Berkshire Hathaway's (BRK.B) - Get Berkshire Hathaway Inc. Class B Report  stake in the bank past 10%, according to Bloomberg.

Berkshire Hathaway filed an application with the Fed in recent weeks, according to a copy of the filing document Bloomberg viewed, saying that it "may decide to purchase additional shares of common stock of Bank of America based on its evaluation of the investment opportunity presented by such purchases."

Buffett's company previously disclosed that it hit its investment threshold with a stake of 950 million shares worth $27 billion.

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