Wall Street kicked off its first week of trading in 2018 with bang, with both the S&P 500 and the Nasdaq Composite on track for their best week in over 13 months.
Traders remained in a buoyant mood on Friday, shrugging off a disappointing December jobs report to push all three benchmark stock indices to new record highs.
By mid-afternoon, the S&P 500 was up 0.5 per cent at 2,737.69 while the Dow Jones Industrial Average climbed 0.6 per cent to 25,228.57. The Nasdaq advanced 0.7 per cent to 7,125.37.
Should the gains hold, the S&P will end the week 2.4 per cent higher and the Nasdaq will book a 3.2 per cent weekly advance. This would make it the best week for the two indices since the week of December 9, 2016.
Optimism over the strength of the US and global economy, along with expectations that companies will get a lift from the recently passed US tax reforms, have provided fresh fuel for Wall Street’s blistering rally last year.
But it is not just Wall Street that has been celebrating. Brazilian and Turkish stocks have also touched new record highs this week, while Hong Kong’s Hang Seng index is at a 10-year high and Japan’s Topix index closed at its highest level since late 1991.
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