The equity market could continue to gain strength, but there are risks, according to a new report from Fidelity.

According to "Can the Sweet Spot for Stocks Continue," four important factors have played into the recent stock market rally: economic momentum, monetary stimulus, technical conditions and investor sentiment.

"The U.S. stock market has been on a tear since the end of last year," said Jurrien Timmer, co-portfolio manager of Fidelity Global Strategies Fund and director of Global Macro for Fidelity's Global Asset Allocation division. "The rally has been impressive, with the Dow up about 1,000 points so far this year — and back above its all-time closing high of 14,164.53 set on Oct. 9, 2007. The S&P 500 Index is about 25 points shy of its all-time closing high of 1,565.15.

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