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Bad week on Wall Street...Oil prices lowest in 11 years... Mobile shopping jumped during holidays

By The Associated Press | Posted - Jan. 8, 2016 at 3:51 p.m.



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NEW YORK (AP) — The stock market is closing out its worst week since 2011, rattled by concerns over a slowdown in China's economy and plunging oil prices. Energy stocks were among the biggest decliners. The Dow lost over 167 points, or 1 percent, closing at 16,346. The S&P 500 fell 21 points, or 1.1 percent to 1,922. and the Nasdaq gave up nearly 46 points, or 1 percent closing at 4,643.

NEW YORK (AP) — Investors worried that China's huge economy is slowing down are sending the price of oil plunging to its lowest level since 2004. Benchmark U.S. crude fell 11 cents to close at $33.16 a barrel in New York today. And Brent crude, a benchmark for international oils, declined 20 cents to $33.55 a barrel in London.

NEW YORK (AP) — Numbers out today from research firm comScore are confirming that mobile shopping, which includes smartphones and tablets, jumped in November and December, spurring on holiday retail sales this year. Total online spending rose 13 percent to $69.08 billion from $61.29 billion last year. Shopping on smartphones and tablets jumped 59 percent to $12.65 billion.

WASHINGTON (AP) — The IRS says about 1.4 million households that got financial help for health insurance under the president's law failed to properly account for it on their tax returns last year. That may put their subsidies at risk this year if they want to keep coverage. Department of Health and Human Services officials doubt there will be a major impact because most of the people affected are probably not active customers any longer.

ALBANY, N.Y. (AP) — New York state regulators are giving their approval of Charter Communications' purchase of Time Warner Cable's New York subsidiaries while requiring new service commitments from it. Charter says the commitments include providing a minimum Internet data transfer speed of 60 megabits per second and offering speeds of 300 Mbps statewide in 2019.

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The Associated Press

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