With the Fed meeting behind it, the stock market will focus again Thursday on the gusher of earnings news that has been driving the stock market to record highs.
At least 60 S&P 500 companies report, making it the busiest day of the earnings season. Procter and Gamble, Bristol-Myers Squibb, Verizon, Comcast, MasterCard, UPS, Celgene, A-B InBev, ConocoPhillips, Raytheon and Twitter report before the opening bell. Amazon, Baidu and Starbucks report after the bell.
Facebook was up 4 percent after its late earnings Wednesday, and that could help propel Nasdaq Thursday.
"Everything seems to be clicking on all cylinders in general for earnings. Boeing was certainly the leader of the day in the Dow," said Art Hogan, chief market strategist at Wunderlich Securities. "I think it's been an earnings season that certainly has outperformed estimates across the board, and there's been more good news than bad."
Hogan said it's also the first quarter in a while where companies weren't actively lowering the bar, giving themselves an easier target to beat.
Earnings for the S&P 500 companies that have reported so far are growing at a pace of more than 10 percent. About 78 percent of the companies have beaten earnings estimates, and 73 percent have done better than revenue estimates.
Besides earnings, there are also some key economic reports Thursday, including durable goods, advanced economic indicators and weekly jobless claims, all at 8:30 a.m. ET. Housing vacancies are reported at 10 a.m.
The Fed Wednesday said it would soon move on its plan to unwind its balance sheet, as it left interest rates unchanged. The Fed did slightly tweak its comment on inflation, but provided no surprise for markets.