What you need to know today

The bears have gone into hibernation and the bulls are charging in. Or so they say.The $S&P 500 Index (.SPX.US)$ inched up 0.11%, the $Dow Jones Industrial Average (.DJI.US)$ added 0.13% and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.16%. Those don't sound like impressive numbers (though any gain should be celebrated), but when viewed against a longer timeframe, they reveal a striking upward trend.
Friday's gain gave the Nasdaq its seventh consecutive winning week, a feat not seen since November 2019. The tech-heavy index was juiced by $Tesla (TSLA.US)$ 's 4% jump — its 11th straight positive day — after General Motors announced it would use the electric vehicle company's charging network. The S&P had four straight weeks of gains, but more significantly, it's up 20% from its October low. Bank of America technical strategist Stephen Suttmeier even thinks the S&P could shoot up to 5,000 by June next year.
U.S. ECONOMIC DATA THIS WEEK:
*CPI INFLATION (TUES.)
*PPI INFLATION (WED.)
*FED RATE DECISION (WED.)
*RETAIL SALES (THURS.)
*JOBLESS CLAIMS (THURS.)
*NY MANUFACTURING INDEX (THURS.)
*PHILLY MANUFACTURING INDEX (THURS.) *CONSUMER SENTIMENT (FRI.)