Markets were mixed on Tuesday.
The S&P 500 rose 0.2 percent while the Nikkei 225 rose 0.6 percent.
However, the STOXX Europe 600 was flat as the threat of of a declaration of independence by Catalonia dragged Spanish stocks down.
“Should we see a repeat of the heavy-handed police tactics like we saw on the referendum day, it could send the Spanish market into a tailspin,” said David Madden, market analyst at CMC Markets UK, in a note.
Elsewhere, though, investors remain ebullient.
Morgan Stanley analysts wrote on Tuesday that the equity market rally “has reached epic proportions” and that while “investors have at times appeared reluctant to embrace the recent rally, there is evidence from last month that risk appetites are increasing”.
Indeed, Jim Paulsen, chief investment strategist at Leuthold Group, told CNBC: “We're just in such a sweet spot because growth keeps going, we're at full employment and yet we've got no aggravation to inflation or interest rates.”
“There's no brake in front of this stock market,” he added.
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