In February’s Market Minute, we compared the valuation of the S&P 500 Index, at 22x forward price-to-earnings (P/E), to Mount Everest, the tallest mountain in the world. We indicated stocks wouldn’t trade at those high valuations forever. Our hope was that stocks would be supported by solid earnings growth, perhaps lowering the forward P/E multiple, while delivering positive returns. That’s exactly what happened.

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