The S&P closedly modestly higher on Wednesday as investors weighed a weaker dollar (and resulting stronger commodities) against global credit worries.
Economic data was bullish, with wholesale inventories rising unexpectedly. That reverses a 12-month declining trend.
Add that to Friday's above-consensus jobs report, and the inventory figure "shows surprising resilience as we work to recover," says Thomas Nyheim, portfolio manager at Christiana Bank & Trust.
However, the bulls were sidelined by concerns over the credit ratings of Greece and Spain and an outlook from Texas Instrument that was solid, but not as strong as some had expected; chip makers are generally considered one of the first sectors to recover from recession.
And after hours, CNBC learned that Citigroup plans to pay back some of the $45 billion in TARP money it received last year by raising as much as $20 billion through a stock offering. (Click here for more on that story.)
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