The economic data took a backseat to the Q1 corporate earnings season last week, but for the most part, the data provided a friendly backdrop for what became the sixth consecutive winning week for the S&P 500. This is the longest since May 2007, which was five months before the equity bear market began in October of 2007 and seven months before the onset of the recessionin December of 2007.

This week, the economic data will once again play second fiddle to another deluge of corporate earnings reports for Q1. However, key reports on durable good orders for March, and intitial jobless claims for the week ending April 18 have the potential to be market moving.

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