After a rough May that saw the S&P 500 index decline 6.5%, the stock market has impressively advanced to a new all-time high. Equally notable has been the breadth of the rally; all 11 S&P 500 sectors have participated. Although we cannot rule out a pullback (or even a correction), we believe the equity market is fairly valued at 16.7X forward 12-month earnings, and fundamentals remain reasonably strong.

For our thoughts, click here to read the Haverford 2019 Summer Outlook.