Stocks could take aim at new highs in the week ahead, even as investors face fresh data that could show the highest year-over-year jump in consumer inflation in more than 30 years.

Stocks touched record levels Friday, after a monumental week that included the Federal Reserve’s announcement that it will wind down its bond buying, the first big step away from the easing measures it put in place to fight the pandemic.

The S&P 500 gained 2% for the week, endig at a record 4,697. The Dow, also at a new high, rose 1.4% to 36,327, and the Nasdaq jumped 3% to a record 15,971.

“The important drivers of the market, I think, remain intact — earnings and interest rates,” said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management. “I think the Fed gave the equity market what it was looking for… which was an awareness of inflation without an overreaction to inflation. Meanwhile we’re still digesting what’s been a really strong…

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