Wal-Mart got the traffic, but not the margins, and that will raise questions about fourth-quarter earnings for retail in particular and the consumer sector in general. That's giving you some early caution.
Everybody was waiting for the Bank of Japan's decision, and since they decided to postpone raising interest rates, that is taking the pressure off U.S. Treasuries and giving a lift to stocks.
You're getting a relief rally in bonds ... and that's giving you what looks like at an attempt at a rally in stocks, despite the bad news out of Microsoft with the delay of its product. The GM news is also a minor positive.
The productivity and labor costs reports abated pressures (over) rising interest rates from the Fed, which is giving a kick to the market. Also, the storm in the East wasn't so bad, so oil pressure isn't bad.