Strong earnings growth could push US stock market to new records

US stocks rose last week. Among the major stock indices, the biggest gainer was the Nasdaq Composite, which rose 2.6 percent. The S&P 500 rose 1.4 percent to close at a record high.

Some analysts think that US stock indices could hit new records in coming weeks, propelled by strong earnings growth.

Karyn Cavanaugh, senior market strategist at Voya Financial, predicted earnings growth of 6 to 7 percent for the second quarter.

“The canary in the coal mine is earnings and the canary is singing a very sweet song right now,” said Cavanaugh.