Key indices may soar if housing data meets expectations

US stocks rose last week, and the broad Standard & Poor's 500 closed at a record high as stocks finally broke out of their 2015 box. What is more, the major indices could take flight this week if housing data lives up to expectations of a strong spring selling season.

Since the start of the year up to Thursday's one per cent rally, the S&P 500, which is professional stock traders' preferred benchmark for the US stock market, had bounced around in a narrow band between 1,990 and 2,110.

For the first two weeks of May, the range was a remarkably narrow 30 points, according to Joe Kinahan, chief derivatives strategist at TD Ameritrade.