Stock market records strong weekly gains as investors await inflation data.

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The stock market wrapped up a strong week on a somewhat cautious note as investors turn their attention to the Federal Reserve’s preferred inflation gauge in the upcoming shortened Easter week. Despite uncertainties, the major indexes reached new highs driven by a dovish Fed and optimism regarding artificial intelligence. The market breadth was robust outside the tech sector, with several stocks showing breakout potential, including Uber, Eli Lilly, and CrowdStrike amidst somewhat messy technical patterns.

Looking ahead, market participants will closely monitor the Fed’s favorite inflation data in the upcoming week to gauge the trajectory of the economy and potential policy adjustments. The Nasdaq composite stood out on Friday with a modest 0.2% gain, signaling continued investor optimism despite lingering uncertainties. The week ahead is expected to be shortened due to the Easter holiday, but market activity could remain active as investors digest the latest economic indicators and corporate earnings reports.

In summary, the stock market’s resilience and record-setting performance during the past week were driven by familiar catalysts such as the Fed’s accommodative stance and optimism surrounding artificial intelligence. Despite uncertainties, investor sentiment remains positive, as evidenced by the Nasdaq composite’s incremental gain. With the focus now shifting towards inflation data and other key economic indicators, market participants will navigate the upcoming week cautiously while keeping a close eye on potential market-moving developments.

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