Dow pushing for last year’s highs

Wednesday's strength came on the heels of the latest Fed announcement, which included a statement for the first time ever on its stance for upcoming rate changes. The Fed stated that it expects to leave rates "as is" until late 2014. This reflects a slower view of economic growth than in the past. Additionally, it changed its inflation target to 2%, which is now in line with other major central banks.

There isn't much on the data front that will really discourage this latest attempt at a retest of highs either. New home sales for the past month are due out at 10:00 a.m. ET and are really the only thing on the docket that will offer the potential to sway sentiment. Although housing hasn't had much of an impact on intraday trade in quite some time, it has been showing some improvement recently. This could give the data more weight than it has over the past year since market will be watching for confirmation of further stability arising.

S&P 500 (Figure 2)

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