On Tuesday global stocks continued to push ahead as investors drove the world stocks index higher for the ninth day straight moving it past the 500-point barrier.
The last push came from Japan’s Nikkei as it hit its highest level since 1992, Germany’s DAX reached a record high and the remainder of Europe gained from the 2-1/2 year high on oil prices lifting resources stocks.
Overnight, Wall Street’s major indexes closed at record highs and the now 500-point ‘All World’ index showed increases of 0.2 percent gaining nearly 20 percent this year.
“You’ve had almost a perfect backdrop for equities,” said Pictet Asset, a global strategist. “You have acceleration in nominal growth, earnings are between 10-15 globally and whatever you look at is pretty much in double digits.”
The Gulf was the only differing member, Saudi Arabia’s arrests over the weekend of Royals and officials increased hesitations bringing its stock market down and Kuwait’s dropped over 4 percent.
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Oil prices posted its largest increase in six weeks after the Saudi crown prince increased tensions between the kingdom and Iran.
U.S. crude steadied at $57.24 in Europe and Brent crude futures were at $64.04 a barrel.
The dollar was making moves in the market. The dollar index, which tracks the greenback against a group of six major currencies, increased by 0.3 percent. The dollar brought the euro down to $1.1572, the lowest since mid-July.
The increase in U.S. yields also pushed the greenback. The benchmark 10-year yield was 2.328 percent, reaching a seven-month high in late October of 2.47 percent.
On Monday, the Federal Reserve confirmed that monetary policymaker William Dudley shall retire in 2018, which leaves the control of the U.S. central bank uncertain. Also, the U.S. House of Representatives plan to work on a tax cut plan this week, aiming for the deadline of the end of the month.