Consumers opened their wallets last year, spending an average 3.3% more on household expenditures than they did in 2010, according to federal data released Tuesday. It was the first yearly increase since 2008, the height of the Great Recession.

Overall, average annual spending rose to $49,705.

The streak is over, but is the trend intact?

A six-week string of gains in the S&P 500 (^GSPC) ended on Friday amid shifting expectations for central bank stimulus. This week could bring clarity on that issue, and that could determine whether the recent rally that took the index to four-year highs will persist.

If you were to sum up the key theme emerging from second quarter earnings season with one phrase, it'd have to be: "It's the revenue, stupid!"

That's because compared to earnings, which have been seen 72% of companies beating consensus, the sales side has been a huge disappointment.