U.S. stocks were under some pressure early Thursday, though technology-related shares were getting bid, but the global equity market is hovering around record levels.
According to Torsten Sløk, chief economist at Apollo Global Management, the total value of global equity markets recently hit a record $95 trillion since the start of the month.
Much of that growth has occurred in November, when stocks have been in a steady uptrend, at least partly in the wake of the U.S. presidential election that is projected to have been won by former Vice President Joe Biden.
Some clarity on the political outlook politics, even though President Donald Trump is contesting the vote in several states, and the promise of effective vaccine candidates to combat the COVID-19 pandemic has helped to jolt markets higher in recent days, even if the rally has cooled somewhat in recent trade.
The Dow Jones Industrial Average DJIA, -0.41% is up 10.5% so far in November, the S&P 500 SPX, -0.40% boasts a more than 9% gain thus far, while the Nasdaq Composite Index COMP, -0.08% is up 8.5% in the month to date. The current pace of moves in November has the major benchmarks enjoying their best starts to a November in decades.
Elsewhere in the world, the Stoxx Europe 600 SXXP, -0.87% index is up 12.7% in November, London’s FTSE 100 UKX, -0.67% has risen 13.6%, and in Asia, Japan’s Nikkei 225 NIK, +0.67% has surged 11.1% to trade near its highest level since 1991, according to Dow Jones Market Data.
Markets participants look to be betting that a resurgence in COVID-19 won’t derail an economic recovery in the longer term, but a number of investors are calling for caution as the pandemic worsens again.
Indeed, the global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 52.2 million on Thursday, according to data aggregated by Johns Hopkins University, while the death toll rose to 1.3 million. The U.S. has the highest case tally in the world at 10.4 million and highest death toll at 241,808 or about a fifth of the global totals.