By Alex Eule | Friday, June 27

Fresh Start. After a late-day rally Friday, the S&P 500 and Nasdaq Composite both closed at new records.

It's a reset, of sorts, for the market. For those investors that bought at the April bottom, it's been a home run. The S&P 500 is up 24% from its April 8 tariff-induced lows.

For those that stuck through the short bear market, it's a chance to feel liberated from the regret of not selling. Year to date, the S&P 500 is up 5%. 

But the record highs just raise the same old questions: Is this as good as it gets -- the perfect time to sell? Or just the start of a long bull run? These are the investing questions that never go away. 

For fundamental investors, the S&P 500 is back to being pricey. It trades at 22 times projected earnings, up from 18 times in April. A quick four-point increase in the S&P 500's P/E multiple is rare, Barron's Jacob Sonenshine reports, and should give some value investors pause. 

Then again, the bulls can take solace in the likelihood of rate cuts coming later this year and the likely passage of the Trump administration's megabill, which could supercharge growth. As long as inflation stays tame -- and the job market holds up -- the economy is in good shape. 

Meanwhile, second-quarter earnings season is around the corner, with big banks kicking off the reports in just over two weeks. For now Wall Street estimates look modest, with analysts pricing in just 5% earnings growth for the S&P 500, according to FactSet. That's well below the five-year average rate of 12.7%. For optimistic investors, it could set the market up for a series of big beats -- and positive stock moves. 

One potential source of upside for U.S. multinationals is the weakening dollar. For several years, companies like Apple have sold products overseas, receiving a weaker currency and then converting it back to U.S. dollars. That's weighed on consolidated results.

Now, my colleague Adam Levine reports, the script has flipped. The U.S. dollar has fallen against foreign currencies, so Apple and other big U.S. firms could see a tailwind. When it comes to their estimates, Wall Street tends to overlook the volatile world of foreign exchange, but it could provide a short-term boost in the coming months. 

Watch our TV show on Fox Business Saturday or Sunday at 10:30 a.m. ET. This week, Cetera CIO Gene Goldman says the market has it wrong on rates. Plus, IPOs are getting hot.

DJIA: +1.00% to 43,819.27
S&P 500: +0.52% to 6,173.07
Nasdaq: +0.52% to 20,273.46

The Hot Stock: Nike +15.2%
The Biggest Loser: Palantir Technologies -9.4%

Best Sector: Consumer Discretionary +1.7%
Worst Sector: Energy -0.5%