Dow industrials look to extend longest winning stretch in more than 6 years By Kate Gibson, MarketWatch NEW YORK (MarketWatch) -- With yet another week of gains in the bag, the U.S. stock market is likely in store for more of the same in days ahead, with the earnings season by one metric on track for its best quarter in more than two decades. "If you liked earnings season this week, you're going to love it next week," said Art Hogan, chief market strategist at Jefferies & Co., of the week ahead, the second 'peak week' of the season, with 164 S&P 500 companies reporting. "We may not be back to where you want to be, but we have turned a corner," said Howard Silverblatt, senior index analyst at Standard & Poor's, of the current earnings season, which of Friday's close had 172 companies in the S&P 500 reporting earnings to date for the first quarter 2010. Of those, 83% reported earnings that surpassed analysts' expectations, according to Thomson Reuters. The coming week includes results from half a dozen Dow components, including heavy-equipment maker Caterpillar Inc. (CAT 68.78, +1.27, +1.88%) ahead of the open on Monday. Listen to Monday market preview On Friday, the Dow Jones Industrial Average (INDU 11,204, +69.99, +0.63%) extending its winning run to an eighth consecutive week, the longest such stretch since an eight-week climb that ended Jan. 16, 2004. Up 1.7% for the week, the Dow added 69.99 points, or 0.6%, to end at 11,204.28, its highest close since Sept. 19, 2008. Also up for an eighth consecutive week, the Nasdaq Composite Index (COMP 2,530, +11.08, +0.44%) rose 11.08 points, or 0.4%, to 2,530.15, up 2% from the week-ago close. The S&P 500 (SPX 1,217, +8.61, +0.71%) , which finished the prior week with a loss after U.S. regulators charged Goldman Sachs Group Inc. (GS 157.70, +0.30, +0.19%) with fraud, on Friday climbed 11.08 points, or 0.4%, to 2,530.15, a weekly rise of 2%. Crude-oil futures also finished higher, up 0.5% on the week, while yields on the 10-year Treasury note marked their fourth weekly rise. Friday's gains came after the government reported the biggest jump in new home sales in nearly five decades, as better weather and soon-to-expire government incentives. The Commerce Department report came one day after a trade group reported sales of existing homes rose in March, with shares of homebuilders including Pulte Group Inc. (PHM 13.19, +0.71, +5.69%) and Lennar Corp. (LEN 20.45, -0.08, -0.39%) rallying both Thursday and Friday. "We've had this powerful rally, just looking at the February lows, without any meaningful correction at all, with the economic data and earnings all moving in the right direction," said Maury Fertig, chief investment officer of Relative Value Partners. After nearly two consecutive months of gains, analysts for weeks have said a Wall Street pullback was in order, with the steady climb prompting a chorus of calls looking for a correction by those who view the market as overbought and ahead of itself. Yet investors who've stayed on the bench seemingly are waiting for any dips to jump back in, preventing any meaningful declines. "I've had clients who haven't put money in the market for years, worn down by the sub-1% bank rates, looking at the stock market and now saying okay," said Fertig.

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