U.S. stocks on Friday finished with gains on renewed belief from investors that the Federal Reserve will prop up the economy. The Dow Jones Industrial Average climbed 41 points, or 0.3%, to 13,206. The index closed up 0.9% for the week. The S&P 500 rose 3 points to 1,406. It closed up 1.1% for the week. The Nasdaq finished up 2 points to 3,021, climbing 1.8% for the week.
Republican presidential candidate Mitt Romney chose Rep. Paul Ryan of Wisconsin as his running mate for the November election. Romney made the announcement on Saturday in Norfolk, Va.. As chairman of the House Budget Committee, Ryan has been a vocal proponent of conservative fiscal policy, advocating steep spending cuts in social programs and an overhaul of Social Security and Medicare.
Activist investor Nelson Peltz will join the board of Ingersoll-Rand ( IR) as he pushes to improve profitability at the industrial conglomerate, The Wall Street Journal reported, citing people familiar with the matter. Peltz's Trian Management LP fund took a roughly 7% stake in the company in May. The company is expected to announce Peltz's appointment to the board on Monday, the people told the newspaper.
Groupon ( GRPN) is expected by analysts Monday to post second-quarter adjusted earnings of 3 cents a share on revenue of $578 million. In the first quarter, the daily deals site posted a profit of 2 cents a share on revenue of $559.3 million. Shares of Groupon have declined more than 60% since its IPO in November was priced at $20.
Motorola Mobility, which Google ( GOOG) bought in May, told employees Sunday it plans to cut 20% of its work force and close nearly a third of its 94 offices worldwide, The New York Times reported.
Research In Motion ( RIMM) is looking to sell cloud services provider NewBay and some of the other minor assets it recently acquired, as part of a strategic review process, Reuters reported, citing a source familiar with the matter.
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