If a meter is placed in line with the two wires that make up the switched part of a lighting circuit, without the switch, should there be a reading of 120VAC?

To clarify, the "hot" is what would be switched (hopefully...) There is the conductor going to the top screw of the switch, and a conductor going to the bottom screw. Touch the two conductors together--by flipping the switch so to say--and the light goes on. What if a meter is placed between the two conductors, rather than a switch? Should there be any reading on the meter? Should the light go on?