From Merrill Lynch:

The strong retail sales data provided a 0.3pp boost to our 4Q GDP tracking estimate, bringing it up to 2.4%.

Friday:

• At 8:30 AM ET, The New York Fed Empire State manufacturing survey for December. The consensus is for a reading of 18.0, down from 19.4.

• At 9:15 AM, The Fed will release Industrial Production and Capacity Utilization for November. The consensus is for a 0.3% increase in Industrial Production, and for Capacity Utilization to increase to 77.2%.