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The market comeback: Focus on 'economic data' and earnings, says Loop Capital president

Despite the gloomy budget headlines from Washington and the tragic events in Manchester, England, new records were set this week by both the Nasdaq and the S&P 500.

Both have posted gains for seven consecutive sessions, matching seven-day win streaks for each that ran through Feb. 15. The Nasdaq last had an eight-day win streak in February 2015, while the S&P's most recent eight-day win streak happened in July 2013.

Kourtney Gibson, president of Loop Capital Markets, told CNBC's "On The Money" this week that "I think the market is somewhat desensitized a little bit from some of these things. I think the good news is that we are actually focused on economic data and actually focused on the earnings that we are seeing coming out of the market right now"

Recent earnings winners included Wal-Mart and Home Depot, signs of life in the dismal retail sector. Last week, HP, Medtronic and Best Buy all posted better-than-expected earnings. On the data front, a fresh reading on gross domestic product showed a better number than the first estimate. Manufacturing PMI for May also saw better-than-expected numbers with new orders at their best level of the year and employment improving.

Looking ahead to next month's two-day Federal Reserve meeting, where a rate rise is expected, Gibson says a hike could ultimately be good news for savers.

"For the average American raised interest rates obviously mean higher mortgage rates potentially on the long end of course, auto loan rates will go up. Hopefully we will begin to see some of those savings rates increase for the consumer," Gibson said. "I'd love to see some of the larger bulge-bracket investment banks and commercial banks begin to raise the savings rates for the average consumer as well."

Gibson warns this week's big market headlines shouldn't throw a monkey wrench into your investment strategy. Just stay the course.

"Hopefully you are investing for the long term and your financial advisor or whoever is helping you with determining your asset allocation is positioning you for the time horizon which you currently have, in which you'll actually need the money," she said. "So, changing something based just on this week is probably not advisable for most."

Meanwhile, all three major indexes posted gains for the week, breaking two-week losing streaks for the Dow and S&P 500.

"On the Money" airs on CNBC Saturdays at 5:30 am ET, or check listings for air times in local markets.