Stocks hit record highs on strong economic data
Equities, as measured by the 49-country spanning MSCI All Country World Index, hit an all-time high
World stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields.
Equities, as measured by the 49-country spanning MSCI All Country World Index, hit an all-time high as European stocks played catch-up with gains in Asia and Wall Street overnight in their first trading session since the Easter holiday.
The pan-European STOXX 600 index hit a record high after the open in Europe.
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Profit-taking pushed Japan's Nikkei down 1% and dragged on the Shanghai Composite.
The S&P 500 closed Monday at a record peak and futures dipped 0.2% on Tuesday.
On the heels of a bumper U.S. jobs report on Friday, March data showed services activity hit a record high. China's service sector has also gathered steam with the sharpest increase in sales in three months.
"We think investors should not fear entering the market at all-time highs," said Mark Haefele, Chief Investment Officer, UBS Global Wealth Management.
