(Double Dip Recession poll updated for Thursday economic data)NEW YORK ( TheStreet) -- When the week began it looked as if the markets were ready to discount any negative data points, with a triple-digit gain in the Dow Jones Industrial Average quickly attained. The markets race ahead even though the latest data from the Institute of Supply Management non-manufacturing index indicated sluggish growth. However, by the end of trading on Tuesday the big market gains had been pared back to modest levels, and the double dip recession debate continued for another day, and the question of whether investors would continue to de-risk their investment portfolios. That debate just won't rest, after the latest batch of economic data on Wednesday and Thursday morning. Wednesday seemed, at least on the surface, to argue against a double dip recession, with a triple digit surge in the Dow Jones Industrial Average, winners on the big board beating out losers like European teams have beaten South American rivals in the World Cup, and the price of crude oil surging. Yet Wednesday was also notable for a lack of any economic data of the type that tends to move the markets. There was a notable earnings surprise from the financial sector, with State Street ( STT) saying it would easily beat Street estimates for its second quarter earnings, and that helped to life U.S. financial stocks and the broader markets. Crude oil got an after-market lift on Wednesday when a crude inventory report from the American Petroleum Institute showed a decline in petroleum stockpiles much steeper than expected. Oil futures contracts rose in after-hours trading. The lift in crude oil, and the equities markets, continued on Thursday morning, with the government's key initial jobless claims weekly report showing a larger than expected decline in initial claims, and the largest drop in jobless claims since mid-April. Oil rallied above $75, reaching as high as $75.90 early in the Thursday trading session.