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What about this week could feel just like 1998

Retail sales data, consumer inflation data and big bank earnings could drive stocks Friday, capping a week of solid gains and new records.

Stocks ended Thursday with new highs in both the S&P 500 and the Dow. The Dow was up 0.7 percent at 18,506, and the S&P closed at 2,163, up a half percent. The Nasdaq is still 4 percent below its all-time high, but it scored a gain of 0.6 percent to 5,034.

If the S&P 500 closes at a new high Friday, it will be the first time the index saw a full week of new highs since March of 1998, according to Standard & Poor's. The S&P broke out above 2,134 on Monday, a high set in May of 2015, and it's now up 1.7 percent for the week.

"It would be important to see how the market closes the week. We obviously had a breakout here above all-time highs and the market hasn't really looked back. We haven't had a major hesitation to speak of," said Mark Luschini, chief strategist with Janney Montgomery. "It will be interesting at this level to see if investors want to hold their positons long into the weekend. Technicians want to see [the market] hold a level of 2 to 3 percent above a level of resistance and see that sustained over a period of time."

Teenager girls (17-19) shopping for CD's in music store
Mark Lewis | Getty Images
Teenager girls (17-19) shopping for CD's in music store

Financial stocks led the market's gains Thursday, after JPMorgan Chase's better-than-expected earnings gave a lift to the entire group. JPMorgan had a solid beat in trading revenues, particularly from fixed income. Wells Fargo, Citigroup and US Bancorp report Friday morning.

"A broader suite of banks report, and obviously if the numbers come in generally in favor, like … JPMorgan's numbers, it could further boost equity prices. They've sort of been the problem child here. Much has been made about if this market is going to rally, you need the financials to participate," said Luschini. The S&P financial sector was up 0.9 percent Thursday, and is up 2.8 percent week-to-date. Financials are the only sector still negative year-to-date, with a 1.3 percent decline.

Traders are watching the consumer price index after PPI surprised with a 0.5 percent gain Thursday. CPI is expected to rise 0.2 percent.

"CPI should be OK, more of the same, core inflation just a shade above 2 percent, with all the price pressure occurring on the service side," said Deutsche Bank chief U.S. economist Joseph LaVorgna. "If there's a surprise in the core, it's probably lower, not higher. Last month, we had an outsized increase from apparel. When you get those moves to the upside, they usually reverse." Core CPI, without energy and food, is expected to rise 0.2 percent, according to Thomson Reuters.

Besides CPI and retail sales at 8:30 a.m. EDT, there is the Empire State Survey at 8:30 a.m., industrial production and capacity utilizations at 9:15 a.m., and consumer sentiment and business inventories at 10 a.m.

Retail sales are expected to rise by 0.1 percent. Retail sales control, without automobiles, gasoline or building materials, is expected to be up 0.3 percent, according to Thomson Reuters.

"I don't see any breakout in consumer spending. I just think we had the pop in the spring and it may have been related to the seasonals around Easter. I don't think the consumer is that great," said LaVorgna.

Minneapolis Fed President Neel Kashkari and St. Louis Fed President James Bullard speak on a panel at 2 p.m., while San Francisco Fed President John Williams speaks at 1 p.m.

China releases GDP data overnight.