The U.S. stock market is scaling new highs, downplaying all political concerns and rounds of weak economic data, indicating that the eight-year old bull run still has legs. The rally has been broad based with various sectors and industry on an uptrend.

This is especially true given the positive market momentum and strong market breadth. A large number of companies are moving higher with most of them hitting fresh highs, confirming that the bulls are in control (read: Time for High Beta and Momentum ETFs?).  

The bullish trend is further justified by the latest Strategas data, which shows that the so-called “advanced-decline” line (the number of advancing stocks less the number of declining stocks) has scaled fresh highs. Additionally, the forces that are driving the stock market have been robust. Among the most notable is a pickup in economic activity, stabilization in oil price, robust corporate earnings, and improving global sentiments, especially after the French election.

While many analysts view the market as overvalued, Shiller PE Ratio indicates that market valuation is not rich. Current Shiller PE Ratio is 30.05, far below 44.19 - the peak of the dot-com bubble. This suggests further room for upside in the months ahead (read: Are Stocks Really Overvalued? ETFs to Buy).

Given this, investors should tap ETFs & stocks at the peak that are expected to continue moving higher in the weeks ahead. Below, we have highlighted five of these that hit new highs in the recent trading sessions and have a Zacks Rank of #1(Strong Buy) or #2 (Buy):

ETF Picks

iShares Core S&P 500 ETF (IVV Quick QuoteIVV - Free Report)

This fund tracks the S&P 500 Index (read: Large Cap ETF Promoted to Rank #2).

Zacks ETF Rank: #2
P/E Ratio: 21.77
AUM: $118.9 billion
Expense Ratio: 0.04%
52-Week High: $247.49
YTD Performance: 10.4%

Vanguard S&P 500 ETF (VOO Quick QuoteVOO - Free Report)

This ETF also seeks to match the price and performance of the S&P 500 Index.

Zacks ETF Rank: #2
P/E Ratio: 24
AUM: $70.2 billion
Expense Ratio: 0.04%
52-Week High: $225.76
YTD Performance: 10.4%

Vanguard Mega Cap ETF (MGC Quick QuoteMGC - Free Report)

This ETF offers exposure to the largest U.S. stocks representing approximately the top 70% of market capitalization by tracking the CRSP US Mega Cap Index.

Zacks ETF Rank: #2
P/E Ratio: 23.1
AUM: $1.2 billion
Expense Ratio: 0.07%
52-Week High: $84.30
YTD Performance: 10.9%

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC Quick QuoteGSLC - Free Report)

This fund tracks the Goldman Sachs ActiveBeta U.S. Large Cap Equity Index (read: Global ETFs Gather $4 Trillion AUM: What's Behind the Boom?).

Zacks ETF Rank: #2
P/E Ratio: 20.96
AUM: $2.2 billion
Expense Ratio: 0.09%
52-Week High: $48.94
YTD Performance: 10.8%

iShares Morningstar Large-Cap ETF

This product also targets the large cap segment of the broader market and follows the Morningstar Large Core Index.

Zacks ETF Rank: #2
P/E Ratio: 20.21
AUM: $853.6 million
Expense Ratio: 0.20%
52-Week High: $148.51
YTD Performance: 12.4%

Stock Picks

Cigna Corporation (CI Quick QuoteCI - Free Report)

Based in Bloomfield, Connecticut, Cigna is a health services organization that provides insurance and related products and services in the United States and internationally.

Zacks Stock Rank: #2
VGM Style Score: A
P/E Ratio: 17.48
Market Cap: $43.59 billion
Zacks Industry Rank: Top 32%
52-Week High: $170.50
YTD Performance: 27.6%

H&R Block Inc. (HRB Quick QuoteHRB - Free Report)

Based in Kansas City, Missouri, H&R Block is a diversified company involved in tax return preparation, electronic filing of income tax returns and other tax-related services (read: 5 Excellent ETFs for Your IRA).

Zacks Stock Rank: #1
VGM Style Score: A
P/E Ratio: 15.35
Market Cap: $6.34 billion
Zacks Industry Rank: Top 18%
52-Week High: $30.77
YTD Performance: 33.2%

U.S. Concrete Inc.

Based in Houston, Texas, U.S. Concrete operates as a provider of ready-mixed concrete and concrete-related products and services to the construction industry in the United States.

Zacks Stock Rank: #1
VGM Style Score: B
P/E Ratio: 18.91
Market Cap: $1.17 billion
Zacks Industry Rank: Top 15%
52-Week High: $74.45
YTD Performance: 11.98%

AeroCentury Corp.

Based in Burlingame, California, AeroCentury acquires aircraft and aircraft engines for lease to regional airlines in the United States and internationally (read: 4 Top Sector ETFs & Stocks to Cool Off This Summer).

Zacks Stock Rank: #1
VGM Style Score: A
P/E Ratio: 8.01
Market Cap: $18.27 million
Zacks Industry Rank: Top 2%
52-Week High: $13.10
YTD Performance: 36.5%

Anthem Inc.

Based in Indianapolis, Indiana, Anthem operates as a health benefits company in the United States.

Zacks Stock Rank: #2
VGM Style Score: A
P/E Ratio: 16.20
Market Cap: $51.07 billion
Zacks Industry Rank: Top 22%
52-Week High: $192.85
YTD Performance: 34.1%

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