Stocks Tread Water Ahead Of Fed – Except Google

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“Stocks are directionless ahead of a blockbuster day tomorrow.  Other markets are about the same – bonds, currencies.  [Stocks] won’t do a lot before we get a read on the Fed….”

James Paulsen (subscription required), Chief Investment Strategist, Wells Capital Management

Stocks won’t do much until we get the Fed Decision tomorrow at 2:15pm EST.

Except for Google!!!!  Which is up today on a Wall Street Journal article (subscription required) saying that Google is close to releasing its own software to power cell phones

That’s pushed shares to the brink of $700 at $698.  It was only 3 weeks ago that Google closed above $600 for the first time.

In other news, Merrill Chief Stan O’Neal has “retired”.  (“Are you retired?”)

The world’s #1 consumer products company, Dow component Procter & Gamble (PG) reported an in line quarter but disappointed analysts with its earnings guidance for the current quarter (FY 1Q Earnings Release). 

Shares were off about 4% to $69.

UPDATE (Tue 10/30, 3:40pm EST): Google reached an intraday high of $699.91 about 15 minutes ago before selling off a bit.  Guess we’re not quite ready for $700 yet.  But there’s always tomorrow!

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