Business News

Almost $3.2 trillion of paper stock market value has been lost around the world since the start of 2016. U.S. stocks are off $1.77 trillion, while overseas stocks are down $1.4 trillion. But  remember these are only paper losses until you actually push the sell button.  If you have a long-term time horizon and own quality this is just a normal and expected correction.  If you have been treating the financial markets as a casino and have bought junk, this will be very painful.  (CNBC)
Banking giant JPMorgan Chase saw fourth-quarter profits rise 9%, helped by strong performance in its consumer banking division and lower legal expenses. The bank was impacted by the drop in oil prices, and the weakness in the commodity prices. The bank had to add to its credit reserves to cover loans to oil and gas companies and metal and mining companies. Total net revenue at the bank totaled $22.9 billion. (AP)
Best Buy saw holiday same-store sales fall 1.2%, due to softer than expected mobile phone sales. The electronics retailer saw other areas, like home theater and appliances, perform well. (CNBC)
The Web is becoming the go to place for all retail. WebMD is exploring a sale of all or part of its business. The online health-care information website operator is said to be in talks with Walgreens and UnitedHealth. (Financial Times)

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