The and Nasdaq are hitting new highs again this week, with the S&P up 17 percent since the lows of February 11. Despite these gains, PNC Asset Management Chief Investment Strategist Bill Stone tells CNBC's "Power Lunch" on Wednesday he does not think this is a sign of a market top.
"Certainly one should be less enthusiastic about stocks relative to February, but current valuation by no means spells doom," Stone said.
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He believes earnings and low interest rates continue to support stocks. "Interest rates matter for stock valuation. S&P 500 still has a dividend yield (2.1 percent) higher than the 10-year Treasury ( 1.54 percent)," Stone said.
A company Stone likes in this environment is CBS Corporation. "CBS owns quite a bit of sports rights, which helps insulate [it] against digital video recorders," Stone said.
CBS is higher during trading and is up 10 percent year-to-date.