Shares of Wells Fargo (WFC) Surge as Buffett Pounds the Table

Shares of Wells Fargo (NYSE: WFC) are leading the volatile financial sector higher today following reassuring comments made this weekend by Warren Buffett, the banks largest shareholder, at his annual Berkshire Hathaway shareholder meeting.

Berkshire's annual meeting has become one of the most highly anticipated yearly financial conferences as investors come from around the world to soak in the knowledge of the Omaha-grown Buffett, who oozes financial wisdom.

At this years meeting, Buffett touted Wells Fargo, which currently makes up 16% of Berkshire's investment portfolio, as a "fabulous" bank which is well-positioned to make it through this financial mess. Buffett said that if he could put all his net worth into one stock only, it would be Wells Fargo. He feels that given improving client relationships, solid spreads on its assets and liabilities and the Wachovia acquisition, "Wells Fargo will be a lot better off in a couple of years than if none of this had happened".

Wells Fargo's stock is currently up more than 9% to $21.43.

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