Cnn business news 25 may 2019 in us
Here are the top stories from CNN Business News on May 25, 2019:
Market News
- Dow Jones Industrial Average closes above 27,000 for the first time: The Dow Jones Industrial Average closed above 27,000 for the first time, driven by strong earnings reports from companies like Procter & Gamble and Coca-Cola. The S&P 500 also hit a record high.
- Stocks rise as investors shrug off trade tensions: Despite ongoing trade tensions between the US and China, stocks rose on Friday, with the S&P 500 and Nasdaq composite both hitting record highs.
Economy
- US economy adds 223,000 jobs in May, unemployment rate falls to 3.6%: The US economy added 223,000 jobs in May, beating expectations, and the unemployment rate fell to 3.6%, the lowest level since December 1969.
- US manufacturing sector contracts for first time since 2009: The Institute for Supply Management (ISM) reported that the US manufacturing sector contracted in May for the first time since 2009, citing trade tensions and a decline in new orders.
Tech
- Facebook's Libra cryptocurrency faces scrutiny from lawmakers: Facebook's plans for a new cryptocurrency, Libra, faced scrutiny from lawmakers on Capitol Hill, with concerns over data privacy and financial stability.
- Apple's stock falls after report of iPhone production cutback: Apple's stock fell after a report that the company is planning to cut back production of its iPhones due to slowing demand.
Business
- Walmart to raise minimum wage for US employees: Walmart announced that it will raise the minimum wage for its US employees to $12 an hour, effective July 1.
- Amazon to open new headquarters in Arlington, Virginia: Amazon announced that it will open a new headquarters in Arlington, Virginia, which will be its second headquarters in the US, after Seattle.
International
- China's economy grows at slowest pace in 27 years: China's economy grew at its slowest pace in 27 years, with GDP growth of 6.3% in the second quarter, down from 6.4% in the first quarter.
- UK economy contracts for first time since 2012: The UK economy contracted by 0.4% in the first quarter, the first contraction since 2012, due to a decline in manufacturing and construction output.
These are just some of the top stories from CNN Business News on May 25, 2019. Let me know if you'd like me to provide more information or if you have any specific questions!