Traders chase both sides of Fed debate. Is this a signature day for the markets? Not clear yet.
» Read MoreResearch In Motion's earnings could cast a cloud over Wall Street, Friday.
RIM stock fell sharply after hours on a disappointing third quarter revenue forecast. Second quarter revenues and unit shipments were also below expectations. Traders say as RIM earnings came out just after 4 p.m., S&P 500 futures moved lower.
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The challenge for markets Thursday will be whether weekly jobless claims and existing homes sales confirm the Fed's view that the economy and housing are getting better.
With little else to sway it, the stock market should continue to trade quietly ahead of the Fed's Wednesday afternoon statement.
The Fed's two-day meeting starts in Washington Tuesday, as President Obama and other world leaders gather in New York.
The trend for stocks continues to point up and could stay that way through the end of September, even if there are some choppy days.
The stock market took a rest Thursday, signaling traders that it may be getting ready to shake off some recent gains.
Rising stock prices are acting as a powerful magnet, prying loose fresh cash and drawing it into a market that's 58 percent above its March lows.
The more popular view on the street is that a selloff is coming, and that economic data and earnings will not support the market's gains.
Wall Street's bulls are convinced there is enough good news to graze on for a while longer.
On Tuesday, better-than-expected economic data and Federal Reserve Chairman Ben Bernanke saying that the recession is likely over combined to boost stocks. Major stock indexes were all at year-highs with the Dow up 56 at 9,683. The S&P 500 was up 3 at 1.052 , crossing 1050 for the first time since October. Nasdaq was up 10 at 2.102. Materials stocks and industrial names were the best performers.
General Electric , parent of CNBC, saw buyers even as some analysts cautioned its stock was moving ahead too quickly. Caterpillar , DuPont and Alcoa were also among the winners. Best Buy and Kroger , reporting weaker earnings, took hits. Adobe was lower in after-hours trading after announcing plans to buy Omniture for $1.8 billion.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
Greenberg is senior stocks commentator for CNBC appearing throughout business day programming and on CNBC.com.
A CNBC reporter since 1990, Pisani reports on Wall Street and the stock market from the floor of the New York Stock Exchange. Follow him on Twitter @BobPisani.
Epperson covers the global energy, metals and commodities markets from the NY Mercantile Exchange for CNBC and CNBC.com.
Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.
