Bob Doll reviews last week’s market rally—S&P and Nasdaq posted a fifth straight weekly gain and reached new highs—driven by strong earnings and resilient economic data despite Middle East tensions that have tightened oil and commodity supplies.

He offers a cautiously optimistic outlook: monetary and fiscal support favor equities over bonds, but elevated valuations, potential supply shocks, and geopolitical risks point to moderate returns with above‑average volatility in the months ahead.

For a copy of this week's Doll's Deliberations click on the following link May 4 or go to www.crossmarkglobal.com for additional insight and investment solutions.