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UnitedHealth ( UNH ) surges after Berkshire Hathaway ( BRK/A ) investment

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Bank of America ( BAC ) shares down on Berkshire share sale

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Applied Materials ( AMAT ) drops on weak China demand forecast

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Investors monitor Trump-Putin summit at Alaska

(Updates with close)

By Saeed Azhar, Johann M Cherian and Sanchayaita Roy

NEW YORK, Aug 15 (Reuters) - The blue-chip Dow Jones

ended higher after hitting an intraday record high on Friday, as

UnitedHealth's ( UNH ) shares jumped after Berkshire Hathaway ( BRK/A ) raised its

stake, but other Wall Street indexes slipped as mixed data

clouded the Federal Reserve's next monetary policy move.

A meeting between U.S. President Donald Trump and Russian

counterpart Vladimir Putin was also on the radar, with markets

hoping it could pave the way for a resolution to the Ukraine

conflict and determine the outlook for crude prices. The two

leaders began a meeting in Alaska on Friday afternoon.

UnitedHealth Group ( UNH ) rose sharply after Warren

Buffett's company revealed a new investment in the

health insurer, while Michael Burry's Scion Asset Management

also turned more bullish on the company.

Rising costs in the broader healthcare sector and about a

40% slump in UnitedHealth's ( UNH ) shares this year have left the Dow

lagging its Wall Street peers on the road to record

highs. The price-weighted index last scaled an all-time high on

December 4.

The healthcare sector gained on Friday, tracking

its best weekly performance since October 2022.

According to preliminary data, the S&P 500 lost 18.86

points, or 0.29%, to end at 6,449.68 points, while the Nasdaq

Composite lost 83.99 points, or 0.40%, to 21,626.68. The

Dow Jones Industrial Average rose 43.83 points, or 0.10%,

to 44,955.09.

More broadly, Wall Street's main stock indexes recorded

their second week of gains, buoyed by expectations that the Fed

could restart its monetary policy easing cycle with a

25-basis-point interest rate cut in September.

The central bank last lowered borrowing costs in December

and said U.S. tariffs could add to price pressures. However,

recent labor market weakness and signs that tariff-induced

inflation was yet to reflect in headline consumer prices have

made investors confident of a potential dovish move next month.

"The question is, has the tariff gotten into the price of

goods yet? And it appears that there hasn't," said Joe Saluzzi,

co-head of equity trading at Themis Trading.

Saluzzi also said while markets have largely priced in a

September rate cut, investors might be overlooking risks, with

low volatility and rich valuations pointing to a sense of

complacency.

In a mixed day for economic data, a report showed retail

sales in July rose as expected, but consumer confidence and

factory production numbers indicated tariffs were taking a toll

on other pockets of the economy.

Chicago Fed President Austan Goolsbee was also cautionary in

his remarks.

Trump has said he will unveil tariffs on steel and

semiconductors next week.

Among other stocks that were on the move, Applied Materials ( AMAT )

tumbled after the chip equipment maker issued weak

fourth-quarter forecasts.

Shares of Bank of America ( BAC ) dropped after Berkshire

Hathaway ( BRK/A ) reduced its stake in the second-biggest U.S. lender by

4.2% to 605.3 million shares. It still owns about an 8% stake in

BofA.

Intel ( INTC ) surged after a report said the Trump

administration was in talks for the U.S. government to

potentially take a stake in the chipmaker.