Stocks Drop Despite Buffett Pledge

After three days of gains, U.S. stocks closed lower Thursday, despite Warren Buffett's announcement that he would invest $5 billion in Bank of America. The Dow Jones Industrial Average dropped 1.5 percent, or 170.89 points, to 11149.90 and all but two companies on the Dow ended down. Bank of America bucked the trend, rising 9.4 percent after Buffett’s announcement. But the bank has already experienced huge losses this month on worries that the bank will need to raise up to $50 billion of outside capital to combat losses and meet new industry regulations. Shares of Apple eased 0.7 percent after Steve Jobs resigned as CEO Wednesday.