July 15, 2007 — -- The stock market experienced a week of extraordinary highs, with the Dow and the Standard & Poor's 500 index soaring to record levels, and the tech-heavy Nasdaq rising to numbers it hasn't seen in more than six years.
"It's the strongest global market that we've seen in the history of measuring these things," said Jefferies and Company chief market analyst Art Hogan.
When the market opens on Monday, it will flirt with a record-breaking 14,000.
Big-name stores like Wal-Mart and Abercrombie and Fitch helped traders shrug off weaker overall retail sales in June.
"There is a lot of demand for goods and services, especially as it relates to consumer electronics, that I think will drive this market higher as we go into the fall," Hogan said.
But the picture might not be quite so rosy for consumers.
The housing market continues to concern the experts. "We could see a negative impact on the consumer and the U.S. economy by any of the concerns we have," Hogan said.
Also, oil prices have skyrocketed, reaching levels which haven't been seen since last August.
But, if you're invested in the S&P 500, you are invested in the global market, which continues to expand at a faster rate than the U.S. economy.
A healthy job market, combined with low inflation, make conditions seem ripe for continued consumer spending and possibly more market rallies in the days ahead.