World stocks set fresh record high on strong China, U.S. data – Reuters

World stocks set fresh record high on strong China, U.S. data – Reuters

NEW YORK/LONDON (Reuters) - Gold prices hit a seven-week high and global stocks scaled new records on Friday after strong U.S. and Chinese economic data bolstered expectations of a solid global recovery from the coronavirus pandemic.FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville Government stimulus, strong corporate earnings from U.S. banks and in Europe, along with signs of economic recovery in countries leading the COVID-19 vaccination race have all helped push stock market indexes to new heights this week.MSCI's broadest gauge of world stocks rose 0.42% to an all-time peak, lifted by surging European shares and lesser gains on Wall Street where both the Dow Industrial and benchmark S&P 500 posted their fourth week of successive gains.As long as the strong economic rebound, tremendous fiscal and monetary support and progress on vaccine distribution remain in place, markets can grind higher, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.“Investors and market participants continue to underestimate both the economic and earnings recovery,” he said. “The earnings numbers have continued to exceed expectations by a very wide margin.”First-quarter earnings are expected to rise 30.9% from