Jeff Layman, portfolio manager at BKD Wealth Advisors, told CNBC’s “Power Lunch” that he believes the current rally can be sustained.
“In our view, stocks are doing what they ought to be doing in an environment of record corporate profits, profits that continue to surprise to the upside,” Layman said Wednesday. “The S&P 500 is still a few percentage points away from getting back to the all-time high levels of March 2000 and over that time earnings have doubled. You’ve got lots of cash on corporate balance sheets, you’ve got a global economy that continues to move along real well. Money conditions are good. We suspect that we’ll see more record highs as the year progresses.”