A barrage of earnings reports, key inflation and housing data and two days of testimony from Fed Chairman Ben Bernanke are the backdrop this coming week for a market set on bounding higher
The stock market's red hot rally at the end of the past week was fired in part on expectation that global growth will continue to pump up earnings, and a slew of corporate report cards will be dealt out next week when banks, techs, airlines and others report quarterly results.
The coming week will also close out with an options expiration, which CNBC's Jim Cramer thinks will give a positive boost to the stock market.
"You've got to be long this market. It's just big," Cramer says. He expects to see some good earnings including a few nice surprises from dollar-related bump ups in some big multinational's results.
"What we saw this week was a broadening of the market that was very exciting," says Cramer. He says buying broadened out to familiar tech names and retail and the individual investor will now jump in. "You've got an accessible bull market."
It's hard to remember a week that had quite so many record breaking moves from individual stock names to indices cracking new highs, and not just in the U.S. but around the world. The biggest Dow move in four years came on Thursday, but perhaps more impressive was the return by the S&P 500 to its March, 2000 intraday high, a much quieter market moment Friday afternoon.
The Dow rose 2.2% or 295 points last week, its best performance since the week of April 20. Thursday's 283-point melt up balanced out Tuesday's 148-point dive and put the Dow into double digit gains for the year.
The S&P closed out the week at 1552, up 1.4%. The index hit a new intraday record of 1555, surpassing its former high of 1553 set on March 24,2000. The S&P 500 is up 9.5% so far this year. The Nasdaq also had a good week, finishing up 1.5% at a new 6-1/2 year high.
"Everything that needed to work is working," CNBC's Dylan Ratigan said about the market's big move up.