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Stocks face earnings test amid 'breakout in optimism'

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Will earnings season kill the rally?

Stocks could easily break out to new highs in the week ahead, as earnings become the next test for the market.

The ended the week at 2129.90, less than a point below its record high. Stocks surged Friday on the better-than-expected June employment report, after a rocky week, where uncertainties about the U.K. vote to split from the European Union continued to upset markets.

"Earnings could tell a big story," said Peter Boockvar, market analyst with The Lindsey Group. "I'm not exactly clear on what it's trading on right now. I'm not exactly clear with the fundamental story. … Everyone's just chasing price here."

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