Markets Stay Flat As NABE Reduces Growth Outlook, Microsoft Releases Window 7 Phone (MSFT, AAPL)

Markets stayed relatively flat this Columbus day as investors continue to speculate potential actions by the Federal Reserve to stimulate the sputtering economy. The National Association of Business Economists cut expected growth for 2010 and 2011, also keeping stocks from continuing early gains. In corporate news, Microsoft (MSFT) released the Windows 7 phone to compete with rival Apple (AAPL). Despite the negative economic news, the Dow still finished above 11,000 at 11,010.34, up 3.86 points today. The Nasdaq and S&P 500 barley moved, up 0.42 and .17 points to 2,402.33 and 1.165.32. Crude oil decreased $0.80 to $81.86, and the gold index rose $9.10 to $1,353.30. Yield on treasuries stayed the same at 2.3810% as government markets were closed for the holiday.

Word on the Street

• Stocks begin week with relatively flat day as investors begin anticipation of next weeks quarterly reports; Dow remains above 11,000.
• The National Association of Business Economics cuts growth forecasts for this year and next on advice from respected economists.
• Microsoft (MSFT) debuts the Windows 7 phone which they hope to compete highly with Apple (AAPL) iPhone and Google’s (GOOG) Android operating system.
• Children’s clothing retailer Gymboree Corp (GYMB) announced their intention to go private in a $1.8 billion stock repurchase.
• Chinese firm CNOOC buys a third of Chesapeake Energy Corp’s (CHK) Texas oil shale operations for $1.08 billion, the largest oil investment by a Chinese firm.
• Crude oil prices decline as the US dollar strengthens against both the euro and yen after early declines.
• If the rumors are true, Verizon (VZ) and Apple (AAPL) will team to offer an iPhone next year – so what’s the impact on the cell phone carrier and it’s biggest rival, AT&T (T)

Interesting Tidbits

• Here’s an explanation of the foreclosure fiasco making headlines after Bank of America (BAC) announced last week they’d stop foreclosures in 40 states.
• Google (GOOG) takes a step to making the morning commute a little easier, with a self driving car!
• The first commercial spaceship takes flight, brought to you by Virgin Galactic.

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