US session on Thursday was marked by Retail Sales and Unemployment Claims data. U.S. retail and food services sales for November, adjusted for seasonal variation were $449.3 billion, an increase of 0.7% from the previous month, and 5.1% above November 2013. It was also much better than expected raise by 0.1%. Total sales for the September through November 2014 period were up 4.7% from the same period a year ago. Core Retail Sales were up by 0.5%. Auto and other motor vehicle dealers were up 9.5% from November 2013 and nonstore retailers were up 8.7% from last year.

Separate report on Unemployment Claims showed that in the week ending December 6, the advance figure for seasonally adjusted initial claims was 294,000, a decrease of 3,000 from the previous week's unrevised level of 297,000. Analysts were predicting a smaller decrease to 297,000 The 4-week moving average was 299,250, an increase of 250 from the previous week's unrevised average of 299,000.

On Friday PPI and Consumer Sentiment data was released. According to the latest release, US PPI fell by 0.2%, missing market predictions on 0.1% decrease. This decrease followed a 0.2% rise in October and a 0.1% decline in September. On an unadjusted basis, the index for final demand advanced 1.4% for the 12 months ended in November, the smallest 12-month increase since a 1.2% rise in February 2014. Core PPI was unchanged in October, also missing market expectations on 0.1% raise.

The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment for this month came in at 93.8, the highest reading since January 2007 and above market forecasts on incline to 89.5.

This week markets will be looking at:

Empire State Manufacturing Index (Monday 14:30)

Industrial Production (Monday 15:15)

Building Permits/Housing Starts (Tuesday 14:30)

FOMC Economic Projections/FOMC Statement/Federal Funds Rate (Wednesday 20:00)

Unemployment Claims (Thursday 14:30)

Philly Fed Manufacturing Index (Thursday 16:00)