Stocks hit record highs on strong economic data
Global Economy
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.
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.
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