Wednesday's economic data point very directly to recovery. Durable goods orders bolted higher showing nearly across-the-board strength. New home sales confirm a host of other indicators pointing with certainty that the real estate market is accelerating. Even with the all strength, the jobs market remains weak and indications on consumer spending are not showing the same strength. Atlanta Fed President Dennis Lockhart says he's in the camp calling for a slow recovery and he said it's still early to talk about rate hikes.
The economic news couldn't fire up the market as the S&P was nearly unchanged ending just under 1,030. Oil fell back 50 cents to $71.50 after weekly inventory data showed a small build in crude. Early talk, citing weak demand and limited refinery runs, is calling for a larger build in next week's data. The dollar index firmed 0.4 percent to 78.61.