Market Insider

Watching the Fed through jobless claims report

Fed, earnings grabbing Wall Street spotlight

Investors will keep a close eye on weekly jobless claims on Thursday for indications that the economic growth trend is still positive and support a Federal Reserve interest rate hike sooner rather than later.

Stocks traded choppily on Wednesday, searching for direction on the release of the Federal Open Market Committee's March meeting minutes that showed .

"The Fed—in reading through the minutes—they're very focused on a sustained and consistent data trend. The one-offs are not going to affect them," said Chris Gaffney, president of EverBank World Markets. "Tomorrow's jobs data will probably hold a bit more importance than usual."