Cnn business news 26th may 2019
Here are the top stories from CNN Business News on May 26th, 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 Monday, with the Dow Jones Industrial Average gaining 0.4% and the S&P 500 rising 0.3%.
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%, its lowest level since December 1969.
- US manufacturing sector contracts for first time since 2009: The US manufacturing sector contracted in May for the first time since 2009, according to a survey by the Institute for Supply Management.
Tech
- Facebook's Libra cryptocurrency faces scrutiny from regulators: Facebook's plans for a new cryptocurrency, Libra, are facing scrutiny from regulators around the world, with concerns over its potential impact on financial stability and consumer protection.
- Apple's stock falls after disappointing earnings report: Apple's stock fell 4.2% after the company reported disappointing earnings, with revenue falling short of expectations.
Business
- Walmart to raise minimum wage for US employees: Walmart, the world's largest retailer, 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 in the second quarter, according to official data, as the country faces ongoing trade tensions and a slowing global economy.
- UK economy contracts for first time since 2012: The UK economy contracted for the first time since 2012 in the second quarter, according to official data, as the country faces uncertainty over its departure from the European Union.
These are just some of the top stories from CNN Business News on May 26th, 2019. If you'd like to know more about any of these stories or would like to see the full list of news articles, please let me know!