Warren Buffett’s Berkshire Hathaway said its second-quarter earnings surged 86%, as a rebound in the stock market offset a profit decline in the company’s operations and a large write-down for Precision Castparts.

Berkshire reported second-quarter net earnings of $26.3bn, or $16,314 per Class A share equivalent, from $14.1bn, or $8,608 per Class A share equivalent, in the year-earlier period.