On Friday, bulls remained optimistic that the rally had legs, despite declines in the S&P after 3 days of gains.
Largely, bulls were cheered by the latest employment report which showed the economy added 103,000 jobs, which was more than the 60,000 expected.
While the report was not as strong as some hoped, it still corroborated other data that showed the economy was improving - and not slipping back into recession.
"This is critical, this is the most important data that we have seen this cycle," says Jack Ablin, chief investment officer at Harris Private Bank in a Reuters interview. "This is going to get people's attention."
"This confirms that most of the negativity we have seen in the market is derived from the market itself and not the data," he adds.
In other words, investors have been very focused on headlines out of Europe but the stronger economic data could be a reminder that fundamentals also deserve attention. And, if that's the case, as of next week, something else could capture the attention of the markets – earnings.
Big Earnings Ahead:
Thurs: JPMorgan , Google
With Alcoa kicking off earnings season next week -- and with some of the biggest market moving companies including JPMorgan and Google also delivering results, the Street’s focus may change -- at least somewhat.