Business Today: Wall Street rallies on stimulus hopes

	Click to View in Browser 07/27/2012 Wall Street rallies on stimulus hopes NEW YORK (Reuters) - Stocks surged on Friday, driving the S&P 500 to its highest level since May 4 as hopes increased that the Federal Reserve and the European Central Bank may provide further stimulus. Cautious consumers, foreign trade curb second-quarter growth WASHINGTON (Reuters) - Economic growth slowed in the second quarter as consumers spent at their slowest pace in a year, increasing pressure on the Federal Reserve to do more to bolster the recovery. Apple, Samsung take patent fight to crucial trial SAN FRANCISCO (Reuters) - Apple Inc and Samsung Electronics Co Ltd take their battle for mobile supremacy to court on Monday in one of the biggest-ever technology patent trials, a case with the potential to reshape a fast-evolving market they now dominate. Exclusive: Huff Post executive Lauren Kapp to exit after just three months (Reuters) - Lauren Kapp, one of Arianna Huffington's key advisors at the Huffington Post Media Group, is leaving the company, effective August 1. JPMorgan's Dimon reshuffles his management team NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon reshuffled his management team, signaling that the biggest U.S. bank is preparing for life after its famed boss leaves. Facebook's value slides by $10 billion; outlook unclear (Reuters) - Investors wiped $10 billion off the value of Facebook Inc on Friday, taking the recently listed shares to a new low, after the social network offered no forecast and analysts said mobile investments would put future earnings under pressure. Exclusive: Carlyle, CVC, TPG weigh final bids for Getty NEW YORK (Reuters) - Three private equity firms, including Carlyle Group LP and CVC Capital Partners , are weighing final bids for Getty Images, as the auction of the digital media company enters its last leg, according to people familiar with the matter. Petronas raises Progress Energy offer after rival bid (Reuters) - Progress Energy Resources Corp said Malaysia's state oil company Petronas has agreed to raise its offer to buy the Canadian natural gas producer by 8 percent after Progress received an unsolicited proposal from a third party. Analysis: Buffett's ResCap bid gives him bond upside too (Reuters) - Warren Buffett's Berkshire Hathaway is bidding on a bankrupt mortgage lender that it may not want, in what some investors and observers view as an effort to make more money on Berkshire's stake in the company's bonds. Spain discusses state bailout; ECB seen writing off Greek debt BRUSSELS (Reuters) - Spain has at last conceded it may need a state bailout and policymakers are considering writing down Greek debt to their central banks, European officials said on Friday, as markets anticipated radical new action to pull the continent out of its debt maelstrom. Related Video Wealth Strategies: Off the Beaten Track Tech. Stocks Speedo replaces 'shark' suit with torpedo design Economic News Cautious consumers, foreign trade curb second-quarter growth Consumer sentiment falls to 2012 low A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend