Global stock markets are exuberant

A trader works at the New York Stock Exchange. Photo: Xinhua/Wang Ying via Getty Images.

The Dow joined the S&P 500 and the Nasdaq in touching an all-time high on Monday, as U.S. equities continued to roar higher. All three indexes set record highs.

By the numbers: The U.S. has been outperforming other global markets for much of the year, but international bourses are starting to pick up the pace.

  • MSCI’s All Country World Index hit its highest since February 2018 on Monday and is just a hair below its own record high, while MSCI's world index excluding the U.S. surpassed its previous year-to-date top.
  • MSCI's Asia Pacific Index was led higher by gains of more than 1% in Hong Kong, Taiwan, South Korea and Thailand, with the Asia Pacific index gaining for the seventh time in eight sessions.
  • European stocks also jumped, with the pan-European Stoxx 600 rising for the ninth time in 11 sessions. Germany's benchmark Dax 30 index rose 1.35%, despite data showing new orders at German factories fell for the 13th straight month in October, and employment levels dropped at the fastest rate since January 2010. 

Go deeper: Unprofitable company IPOs are a big zero this year

What's next

China's mainland stock market has outpaced the rest of the world

Illustration: Eniola Odetunde/Axios

China's economic growth has weakened to the slowest pace in nearly three decades this year, the result of a gradual shift to a new economy and a damaging trade war with the U.S.

Its mainland stock market, made up of largely domestic-facing companies, is having a banner year — in fact, it's been the best performing major stock index in the world.

Wall Street is no place for unicorns

Shares of Uber closed down almost 10% on Tuesday even though the company beat analysts' expectations on earnings and revenue.

Why it matters: It was the latest dollop of bad news for this year's crop of tech unicorns, which have largely fallen flat since going public, despite their mammoth private valuations.

Dow closes, hits 28K for the first time ever

Traders on the floor of the New York Stock Exchange (NYSE) on Nov. 15. Photo: Spencer Platt / Staff

The Dow Jones Industrial Average hit and closed above 28,000 for the first time ever on Friday, while the S&P 500 and Nasdaq Composite also closed at new records.

Why it matters: The 28,000 level has no relevance in and of itself, but the markets' new highs in recent weeks is a sign of investors' renewed confidence in the state of the U.S. economy.

Go deeperArrowNov 15, 2019 - Business