Can a Newly Resilient Stock Market Chalk Up Another Winning Week?

New York Stock Exchange
New York Stock Exchange

It sure didn't feel good getting here, but the stock market kicks off on Monday, June 21, with a two-week winning streak at its back. The blue-chip Dow Jones Industrial Average ($INDU) has tacked on more than 5% since early June, putting it well above 10,000, even as the news flow -- from housing starts and jobless claims to a spooky earnings outlook from bellwether FedEx (FDX) -- has been mixed to dreadful.

All things considered, that's not a bad run. It's enough to make even a bear like Peter Costa, president of Empire Executions, feel pretty good about the market's resilience -- and it's sense of support.

"When the market gets bad news or news that doesn't meet expectations, in the past it has tended to tank," Costa says from the floor of the New York Stock Exchange (NYX) (see video below). "But the last few weeks it hasn't tanked, so what I think we're seeing is the market starting to base out. And even though I think we're going to see some pretty mediocre corporate earnings, I think the market is ready for it."

With new home sales, durable goods, gross domestic product and a Fed meeting on tap this week, the market should have no shortage of hurdles to clear as it tries to extend its winning ways to a third week.