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Stock breakout? Investors watch data for support

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Wall Streets looks to get back on track

With stocks and bonds holding in a range, investors could find some directional support from Thursday's weekly jobless claims.

"That gives us a pretty good indication of the monthly jobs report," said Paul Nolte, a portfolio manager at Kingsview Asset Management. Weekly claims are expected at 8:30 a.m. EDT, with analysts polled by Reuters estimating a slight increase to 275,000 from last week's 265,000. The initial filings for unemployment benefits per week have held near 15-year lows.

"As long as that does not signal a spike upward, (it's) indicating the job market is stabilizing where the Fed would be comfortable raising rates," said Kevin Mahn, president and chief investment officer at Hennion & Walsh Asset Management.