We expect stocks to continue to grow into their valuations on the back of tremendous earnings momentum as the economy fully reopens, vaccine distribution…

First quarter earnings season was truly remarkable and we lifted our earnings forecasts and our year-end S&P 500 Index fair value target rang.

We favor stocks over bonds based on expectations for economic growth, a strong rebound in corporate profits, and increased COVID-19 vaccine distribution.

We have raised our year-end S&P 500 Index fair value target range to 4,050–4,100 from 3,850–3,900 due to our increasingly optimistic expectations for US economic growth and corporate profits. Prospects for additional fiscal stimulus, recent progress in reducing...