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The increase marks an escalation of the central bank's effort to cool the highest inflation since 1981.

The group of previously unloved stocks has fluctuated in recent sessions as bullish momentum locks horns with profit-taking.

Berkshire Hathaway invested $8.6 billion in Verizon stock through the quarter that ended December 31.

The move comes after traders organizing on Reddit forums furiously bid up the shares in an unprecedented short squeeze.

Retail investors on Reddit are boosting GameStop shares in defiance of hedge funds and investing norms, and one expert sees the unconventional rally as a sign "the institutions are losing some control."

Earnings season kicked off on Tuesday, and executives are sounding off on the stimulus stalemate and the risks it poses to the ongoing economic recovery.

Global gross domestic product will shrink by 3% in 2020 before recovering by 5.8% in 2021, according to the International Montetary Fund's base case.

Landmark measure includes checks for Americans and small-business loans.