Investing.com -- U.S. stocks demonstrated notable strength last week, with the S&P 500 and Nasdaq Composite each gaining approximately 1% to mark their fifth consecutive weekly advance and reach new highs, according to a Canaccord research note.

The market absorbed several headwinds during the first half of the week, including a roughly 13% surge in crude oil prices, a 12-basis point increase in the 10-year Treasury yield, and Federal Reserve Chair Powell's final policy announcement, which featured four dissenters.

Economic data released Thursday showed GDP growth of 2%, slightly below the 2.3% consensus estimate but consistent with prior year levels. March Personal Consumption Expenditures data revealed prices rising 3.5% year-over-year, driven by a 22% annual increase in gasoline prices.

The Federal Open Market Committee maintained rates steady at its latest meeting, with forward commentary revealing increased dissenting voices. Market expectations for a 2026 rate cut declined from approximately 18% to effectively 0% during the week.

Earnings from major technology companies broadly exceeded expectations. Revenue and earnings per share estimates for the so-called Magnificent Seven stocks increased 27% and 25%, respectively, over the past year.

The VIX volatility index fell 9% for the week, closing at 16.99, near its lowest level in nearly 13 weeks. The S&P 500 weekly stochastic indicator rose from an oversold reading of 3 five weeks ago to an overbought level of 97.

The NAAIM Exposure Index, measuring active manager positioning, stood at 93.79%, signaling elevated optimism levels.