'This week will likely deliver a make-or-break moment for risk appetite as we will hear Fed Chair Powell's testimony to Congress and find out if the hot January jobs report was an aberration,' says Edward Moya, senior market strategist at currency data provider OANDA (opens in new tab). Specifically, the February jobs report will be released ahead of Friday's open.

Economic data has come in relatively strong recently, and the next big data point is due out at the end of this week. Fed Chair Jerome Powell is set to kick off his two-day congressional testimony tomorrow, with investors anxious for more clarity on the central bank's future plans for interest rates. The rest of the week will draw more economic headlines. 'Apple's installed base growth, secular growth in services, and new product innovation should more than offset cyclical headwinds to product revenue, such as a reduced iPhone unit demand due to a lengthening replacement cycle and reduced consumer demand for the PC & tablet category,' Ng wrote in a note to clients. Elsewhere, Apple ( AAPL (opens in new tab), +1.9%) was one of the best Dow stocks today – second only to healthcare giant Merck ( MRK (opens in new tab), +3.9%) – after Goldman Sachs analyst Michael Ng initiated coverage on the iPhone maker with a Buy rating.

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