CNBC Business News Update Market Close: Stocks Higher, JP Morgan CEO Allows Bitcoin Investing For Clients, CBS News CEO Steps Down 5/19/25
May 19, 2025
Discover the latest on Wall Street as major indices show slight gains, with a focus on UnitedHealth's performance. JP Morgan makes waves by allowing clients to invest in Bitcoin. CBS News undergoes a leadership change amid legal challenges. On the housing front, mortgage rates climb above 7%, impacting home buyers, while Walmart warns of rising prices due to tariffs. Plus, find out about Darden Restaurants' recent closures and what's next for the stock market!
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Markets Show Resilience
- Despite the U.S. credit downgrade by Moody's, major stock indexes eked out gains on Monday.
- Companies like TJ Maxx, Monster Beverage, and Mastercard hit fresh all-time highs, signaling investor resilience.
Dimon's Bitcoin and Market Warning
- JPMorgan CEO Jamie Dimon does not personally invest in Bitcoin but allows wealth managers to include it in clients' portfolios if appropriate.
- Dimon warns that markets are too complacent about tariffs and expects S&P 500 earnings growth to collapse.
CBS Leadership and Challenges
- CBS News CEO Wendy McMahon parted ways with the network due to strategic disagreements.
- CBS faces legal and regulatory challenges, including a $20 billion lawsuit from President Trump and a pending $8 billion merger.