Markets continued their positive start to the new year on Thursday.
The S&P 500 rose 0.4 percent to another record high, the first time since 1964 that it has closed at a record in each of the first three trading days of a new year.
Elsewhere, the Nikkei 225 soared 3.3 percent to a 26-year high and the STOXX Europe 600 rose 0.9 percent.
Michael Mullaney, director of global market research at Boston Partners, said that momentum drove stock prices in 2017 “and that remains the case so far this year”.
“Valuations are stretched, no question, based on historical standards, but they’re OK relative to bond yields and inflation, which means we’re not overly concerned about them at this juncture,” he added.
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