The Standard & Poor's 500 is up for eight of the last nine weeks. This week, the Dow closed above the 13,000 mark for the first time since May 2008, and the S&P 500 twice closed above 1,370, a closely watched technical resistance level. The Nasdaq at one point crossed the 3,000 level this week and is trading at its highest since 2000.
The government's jobs report for February, due on Friday, is expected to show non-farm payrolls added 210,000 jobs last month, according to economists polled by Reuters, after gaining 243,000 in January.
Investors are focusing more on economic data lately, with a bailout package for Greece in the works and U.S. earnings news winding down. But rising oil prices could create some anxiety.
Concern about supply disruptions from Middle Eastern oil producers has kept Brent crude oil above $120 a barrel, and analysts said that could affect the longevity of the stock market's rally.
Stock Futures outlook March 5, 2012
Dow Jones Futures - Up 12
S&P 500 Futures - Up 1
Nasdaq Futures - Up 1
Oil Futures - 106.50
I predicted that the tech-heavy Nasdaq would outperform the Dow Jones Industrial Average (INDEX: ^DJI) . It's been a strong year so far for tech stocks relative to the more diversified blue chips that make up the 30 Dow components. Nasdaq clocked in with a mere 0.4% gain, but that was better than the Dow's flat close. I was right.
Greece's second bailout from the euro-zone countries will be in place once conditions are finalized. The first of the money can be paid out after the completion of a bond swap between Athens and private investors, which is to be concluded by March 9.
Those concerns aside, stocks' gains year to date could be reason enough for investors to pull back. The S&P 500 has risen 9 percent for the year so far.
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