US STOCKS-Late surge lifts Wall St; utilities sag
* Berkshire Hathaway shares rise day after results
* Tekmira ends wild day down 7 pct
* Dow up 0.5 pct; S&P 500 up 0.7 pct; Nasdaq up 0.7 pct (Updates to close)
By Akane Otani
NEW YORK, Aug 4 (Reuters) - U.S. stocks closed higher on Monday, lifted in a late rally driven by earnings from Warren Buffett's Berkshire Hathaway and broad gains across most sectors that helped the S&P 500 rebound from its largest weekly drop since 2012.
Warren Buffett's Berkshire Hathaway Inc gave the S&P 500 its biggest boost, helping it snap a two-day losing streak and adding 0.8 of a point to the benchmark index's gain. The company said late Friday that its second-quarter profit soared 41 percent to a record, which helped push its Class B shares up 3.1 percent to end at $129.72.
Despite a broad selloff last week, investors still have a bullish outlook on the markets, said Adam Hewison, president of INO.com in Annapolis, Maryland.
"If you look at the backdrop of turmoil around the world, whether it's Ukraine, Israel or Palestine, there hasn't been much downward movement in the markets. We had a bad last week in July, but I think that's basically over with, and we're probably going to continue going higher in the equity markets," Hewison said.
Gains were partly offset by the S&P utilities sector index , which ended the day down 0.59 percent. It was the worst performer of the S&P's 10 sectors. Continued...