Small-cap shares had an uneventful session Thursday, hovering near steady levels much of the day while posting one of the quietest daily ranges seen this year. In the end, the Russell 2000 (NYSE:IWM) gained 3.33, or 0.47%, to 719.55. Earnings results from American International Group (NYSE:AIG) came out about 15 minutes after the close, and how AIG fares overnight could play a key role in the opening mood for Friday for financial shares and the market in general.

Early on today the market found support by short-covering from quick turn traders who caught the slide yesterday. In addition, weekly chain store sales and the morning economic data were supportive, which brought some bids into play.

The chain store report reflected decent sales for Wal-Mart (NYSE:WMT) and Costco (Nasdaq:COST), and was expected to play a supportive role for retailers overall. However, the tone was mixed to soft much of the day for retailer shares, and in fact department stores, home improvement retail and general merchandise stores were all lower within the S&P sector groups.

As for the economic data, weekly claims were below forecast and the wholesale inventory data was also above the median projection. While weekly claims caught some attention as bullish news, the market was little changed in the immediate aftermath of both reports. In general, recent economic data out of the United States has tended to surprise on the upside, but with prices pulling back off three-month highs, perhaps traders will need to see more dramatic surprises to spark . . .

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