Gene J. Puskar/AP

J.C. Penney announced 4th-quarter earnings Friday, posting a higher-than-expected loss and announcing the closure of up to 140 stores. Shares in the department store are down more than 1% in pre-market trading.

Why it matters: Americans increasingly want to shop online, and retailers are taking the hint. E-commerce sales now account for more than 8% of all retail sales, double the rate in 2011. That number is even higher when you remove sales of items like gasoline that can't be bought online. Penney's is joining the dozens of other stores like Sears, Macy's and CVS in announcing store closures this year.

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Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."

Trump claims COVID "will go away," Biden calls his response disqualifying

President Trump repeated baseless claims at the final presidential debate that the coronavirus "will go away" and that the U.S. is "rounding the turn," while Joe Biden argued that any president that has allowed 220,000 Americans to die on his watch should not be re-elected.

Why it matters: The U.S. is now averaging about 59,000 new coronavirus infections a day, and added another 73,000 cases on Thursday, according to the Covid Tracking Project. The country recorded 1,038 deaths due to the virus Thursday, the highest since late September.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.