This was one of those low-report days for economic data. We had two current and one former DJIA components report earnings and the earnings reactions today were only so so. Today's action felt like a long week that ended the start of earnings season where traders just wanted that closing bell to come. The DJIA and S&P were so mixed throughout the day that knowing where the markets were was a guess more than a feel.

Here are today's unofficial closing bell levels:

Dow 8,743.94 +32.12 (0.37%)
S&P 500 940.38 -0.36 (-0.04%)
Nasdaq 1,886.61 +1.58 (0.08%)

Top Analyst Upgrades/Downgrades

The Times of London says Microsoft (NASDAQ: MSFT) is on the brink of taking control of Yahoo!'s (NASDAQ: YHOO) search business. AllThings Digital says the story is hogwash.

According to the UK paper, "Microsoft is in talks to acquire Yahoo's online search business for $20 billion (£13 billion)." In the transaction, former AOL CEO Jonathan Miller and former Fox executive Ross Levinsohn would end up managing Yahoo! and owning a big piece of the business. The account says that the boards of both companies have met on the deal.

Contrast that to the U.S. technology website's take. "A report in the Times of London in which Microsoft would buy Yahoo's search business in a convoluted $20 billion deal that would include well-known Internet execs Jon Miller and Ross Levinsohn, is -- in the words of one key player -- 'total fiction.'"

The news, or lack of news, points to the role rumor has come to play in important M&A negotiations. How could a major newspaper be so wrong? How could a website, considered an expert in news about the internet, contradict reporting that was obviously based on the Times interviewing people at the center of the deal?

One of two significant industry sources is almost certainly completely wrong. Why on earth would that medium run a story that clearly has no foundation?

When rumors rule, "news" is worthless.

Douglas A. McIntyre is an editor at 247wallst.com.