Plenty of treacherous moments for rally this week

US stocks rose last week and the Nasdaq Composite closed at a record high as traders bet the US consumer would weather a global slowdown, and as fears about the dollar's impact on earnings proved overblown.

There will be plenty of treacherous moments for the rally this week, however, chief among them the latest statement from the Federal Reserve and Greece's latest clash with its creditors.

This week is also the climax of first-quarter earnings season, but traders are less worried about that. Apple and a parade of healthcare, utility and industrial companies look likely to reinforce the sense that US growth has more than compensated for the negative effects of the dollar.