Market Insider

What about this week could feel just like 1998

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Strategist: There could be further upside for tech stocks

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 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."