IBT Staff Reporter

A number of T. Rowe Price Group mutual funds reported owning stakes in Facebook Inc, valuing the fast-growing social media company at $25 per share.

Stocks rose on Friday as encouraging economic indicators overshadowed disappointing results from Bank of America and Google.

Rising food and gasoline costs lifted U.S. consumer prices overall in March, but underlying inflation pressures were contained and consumers grew more confident about the economy in early April.

The U.S. military said it shot down an intermediate-range ballistic missile target over the Pacific on Friday in the most challenging test yet of its work on a planned antimissile shield for Europe against Iran.

Bank of America Corp posted an unexpectedly sharp drop in first-quarter profit as higher expenses from delayed home foreclosures weighed on its mortgage business.

Rich Americans are expected to spend an extra $26.6 billion on luxury goods this year but they will do so with an eye toward value as the country recovers from recession, a poll released on Friday found.

Technology firms such as LG Electronics are moving toward adopting the Linux-based MeeGo operating system after Nokia abandoned it, one of the project's leaders said.

Rising food and gasoline prices lifted U.S. consumer inflation as expected in March, but underlying inflation pressures remained contained, a government report showed on Friday.

Vimpelcom will next week seek talks with Algeria on a disputed unit of Orascom Telecom after completing a deal to buy Orascom and other telecoms assets of Egyptian tycoon Naguib Sawiris.

Larry Page says the company's management transition is going according to plan; analysts and Wall St. investors aren't so sure as Google's stock takes a tumble.

Top commodity trader Glencore's planned $12 billion London listing has long been seen as the first step to merging with Xstrata , in what could be the biggest mining takeover in history.

Faced with its worst financial situation in over 30 years, Portugal avoided default on Friday by paying off maturing 2005 bonds.

Research In Motion launched the Playbook last night in New York, but questions about who the device is aimed at still linger.

ABC announced it will be canceling two daytime soap operas, All My Children and One Life to Live.

Bank of America Corp posted an unexpectedly sharp drop in first-quarter profit as higher expenses from delayed home foreclosures weighed on its mortgage business.

The Dow and S&P rose on Friday as encouraging economic indicators offset disappointing results from Bank of America Corp , though weakness in Google Inc kept the Nasdaq's advance in check.

Rising food and gasoline costs lifted U.S. consumer prices overall in March, but underlying inflation pressures were contained and consumer confidence rose in April.

Mattel Inc, maker of Barbie dolls and Hot Wheels cars, reported a 33 percent drop in first-quarter earnings on higher costs.

South Korea's top internet portals filed a complaint on Friday with antitrust regulators against Google Inc, alleging the search giant was unfairly stifling competition in the domestic mobile internet search market.

President Barack Obama joked about his birthplace on Thursday at a campaign speech in Chicago where he prepared supporters at a fundraiser for a 2012 presidential re-election run.

The U.S. military said it had successfully completed its most challenging missile intercept test yet, using Lockheed Martin Corp and Raytheon Co hardware to shoot down an intermediate-range ballistic target over the Pacific.

A new study shows that most of the energy a computer ever uses is in the manufacturing process rather than when it s being used.

Microsoft co-founder Paul Allen won't apologize for his unabashed criticism of former best friend and co-founder Bill Gates.

Charles Schwab Corp , the largest U.S. discount brokerage, on Friday posted slightly higher-than-forecast earnings as rising stock markets led to increased trading and fees from clients.

The White iPhone 4 will cease to play hide-and-seek as Apple will start selling the elusive device by the end of this month. Its launch remained as elusive as a white tiger since June 2010.

Philadelphia Federal Reserve Bank President Charles Plosser on Friday said the U.S. central bank could move to tighten monetary policy this year if the recovery unfolds as he expects.

Google Inc's stunning 54 percent spending surge in the first quarter spooked investors already worried its new CEO may take his eye off the bottom line to chase revenue growth.

The Dow and S&P rose on Friday as encouraging economic indicators offset some disappointing corporate results, though weakness in Google Inc pressured the Nasdaq.

With everyone expecting Chelsea manager Carlo Ancelotti to be sacked at the end of the season, the Italian has claimed it would not be a problem for him.