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Amazon, Berkshire, JPMorgan form new company

The markets extended its losses during the midday with the Dow collapsing 367 points to 26,071. Nasdaq plunged 67 points to 7399.


Amazon, Berkshire Hathaway and JPMorgan will form a new company with the mission of improving health care for their U.S. employees while lowering costs. Amazon senior vice president Beth Galetti, Berkshire Hathaway investment officer Todd Combs and JPMorgan managing director Marvell Sullivan Berchtold will run the company. The company will first explore technology solutions that can deliver better care.


Apple's disclosure in December that it slowed the performance of older iPhones has prompted investigations by the Department of Justice and the Securities and Exchange Commission. Information from Apple has been requested by the Justice Department. The two agencies are concerned that securities laws may have been broken.


Facebook announced additional initiatives to protect users from fake news and scams. Ads that promote cryptocurrencies such as bitcoin, ethereum and ripple will no longer be allowed on the social media site. Facebook will also promote stories from local news agencies on the News Feed of users.


In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 plummeted 30 points to 2,823. Bitcoin crashed $893 to $10,132.


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