Updated to correct and clarify forward P/E ratio for P&GNEW YORK ( TheStreet) -- When a plan won't come together, apparently an outline will have to do. Europe didn't really do much on Wednesday but Wall Street decided it was enough. For now. The prospect of China getting involved surely didn't hurt, and the rally was rather subdued with only moderate volume behind it. More polite applause than ringing endorsement. The latest from The Wall Street Journal is that the talks are bogging down over how much Greece's debt should ultimately be forgiven. Sounds familiar. It's a live by the headline, die by the headline market these days, and the bet now seems to be that the next headline from Europe is going to be a good one. Europe's leaders are eventually going to have to agree on the down-and-dirty details of a plan, but Wednesday's summit seems to have been accomplishment enough to buy them some more time. The story remains the same though: Stay tuned. Meanwhile, even as U.S. stocks have been surging for most of October, it turns out mutual funds investing in domestic equities continued to see heavy outflows. According to data released Wednesday by the Investment Company Institute, long-term mutual funds saw overall inflows of $3.93 billion for the week ended Oct. 19 but that was entirely due to surging interest in bonds, which saw inflows of $5.65 billion. Domestic equity funds were hit with outflows of $3.47 billion, while hybrid funds, investing in both stocks and bonds, took in $1.57 billion. Funds investing in international equities added a paltry $177 million. Over the past five weeks, equity funds have now seen total outflows of $24.05 billion, overwhelmingly from domestic funds, according to the ICI, which collects data on 95% of industry assets and adjusts it to reach its total estimates. Stocks may have stormed back this month but some folks are definitely seizing the opportunity to take some money off the table. Thursday's economic data features weekly initial and continuing jobless claims and third-quarter gross domestic product at 8:30 a.m. ET, and pending home sales for August at 10 a.m. The consensus has initial claims for the week ended Oct. 22 at 402,000, according to Briefing.com, whose estimate is at 400,000. Continuing claims are seen at 3.7 million for the week ended Oct. 15. GDP is estimated at 2.5% growth, a performance that will pretty darn good after second-quarter GDP came in at 1.3%. Research firm Macroeconomic Advisors is a bit higher, at 2.6%, after tweaking its view one-tenth of a percentage point lower following the durable goods orders data earlier Wednesday.