Apple, Facebook, ExxonMobil and dozens of other major companies report earnings

Apple, Facebook, ExxonMobil and dozens of other major companies report earnings in the week ahead, but central banks could bring on the volatility.

There is also a heavy schedule of economic reports in the coming week, including first quarter GDP on Thursday. Economists expect a barely positive number, and most forecasts are looking at growth under 1 percent. There are also durable goods Tuesday, international trade Wednesday and personal income and spending for March on Friday.

Oil inventory data from American Petroleum Institute on Tuesday afternoon and the Energy Department Wednesday morning will also be watched, as all markets are keeping an eye on oil prices. Brent was up almost 5 percent for the week to just above $45 a barrel, and the S&P energy sector was the best performer for the week — up 5 percent. The jump in oil prices surprised traders who were looking for a sell-off after producing nations failed to reach a deal to freeze production last weekend.

Stocks were higher in the past week, with the S&P 500 at 2,091.58, up 0.52 percent. The Dow was up 1.4. Stock strategists are looking for a breakout to the upside, even as yields look set to move higher.

In the coming week, the Fed meets Tuesday and Wednesday, and it is widely expected to take no action on rates, while sticking to its message that a rate hike isn't imminent.

"I think they will try their darndest to avoid any kind of policy change in their language," said Jeff Rosenberg, BlackRock's chief investment strategist for fixed income.