Coming Week: Enduring Issues

Updated from March 24

In the "it's not the news that matters, it's how the market reacts that matters" department, Friday's session was telling.

Had news that the Iranian navy took 15 British seamen into custody in the Persian Gulf occurred in the midst of the market's swoon two or three weeks ago, it's likely the accompanying heightened geopolitical tensions and higher oil prices would have sent stocks reeling further.

Instead, the major averages advanced modestly Friday and, in fact, the S&P 500 got a big boost from energy stocks such as Exxon Mobil (XOM Quote) and ConocoPhillips (COP Quote).

That said, geopolitical tensions and rising oil prices are a concern for traders heading into the coming week.

"We're going to have to keep an eye on oil, obviously," veteran New York Stock Exchange floor trader Doreen Mogavero, president & CEO of Mogavero Lee & Co., said Friday in an interview for TheStreet.com TV. "The Fed debate is about whether inflation will be their target or economic growth will be the target -- oil could be a factor in keeping inflation above their comfort zone and it might not be so obvious they're going to ease vs. tighten."

After the close Friday, Iranian President Mahmoud Ahmadinejad canceled a planned address before the U.N. Security Council, which on Saturday voted to impose further sanctions against Iran for refusing to halt its uranium enrichment program.