The S&P 500 hit record highs on Friday as prominent investment manager Dan Niles advised investors to temporarily ignore traditional valuation metrics while positioning for continued market gains through the second-quarter earnings season.
What Happened: Niles, founder of Niles Investment Management, reversed his earlier bearish stance after the index rallied 27% from April lows following President Donald Trump‘s 90-day tariff reprieve announcement. The benchmark index surpassed its previous February closing high, rebounding from a 21% selloff that began in early April amid tariff fears and recession concerns.
