The rally in U.S. stocks now has spilled into the global markets. The MSCI ACWI Index, which serves as a proxy for the entire global equity market, set a new record yesterday, closing at the highest level in its 23-year history.
The MSCI index, which covers approximately 85 percent of the investable equity market worldwide, has risen 5.7 percent since the beginning of this year. The ACWI — which stands for All Country World Index — comprises 2,484 large and mid-cap stocks across both developed and emerging markets.
It's those emerging markets have led the way this year. Year to date, the MSCI Emerging Markets index has risen 10.3 percent, while MSCI World index, which captures stocks in developed countries, has gone up 5.2 percent.