The Fed has a hell of job to try and cap borrowing rates, mortgage rates and treasury yields while keeping inflation under control and waiting for economic recovery, growth in consumer spending, good earnings reports and employment rates to roll over. Also, Of late there has been growing pressure for the Fed to begin normalizing the ever-increasing thing they call a balance sheet and begin tightening up. Although the Fed has a ways to go before completing the massive stimulus program, tightening would decrease liquidity and likely hurt the equity market but the Fed would like to keep consumers happy and confident (achieve consumer spending growth).
We need GDP growth and earnings if the broader market wants to perform. Like tiger said, if earnings are dismal and indicators are weak, those sectors will likely suffer in the equity market.
News 
Market Data 
Discover 
