US Big-Tech Mania Drives Developed-Market Stocks to Record
- Wall Street heavyweights are biggest contributors to its climb
- The MSCI World Index has rallied 16% over the past 12 months
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A roughly $61 trillion global benchmark of developed-market equities rose to an all-time high on Wednesday, with Wall Street’s technology behemoths leading the way.
The MSCI World Index, which includes almost 1,500 stocks across 23 developed markets, climbed 0.5% to 3,262 at 10:17 a.m. in New York. It surpassed its closing peak set Jan. 4, 2022, following record-setting gains in the S&P 500 Index and Nasdaq 100 Stock Index. The US stock market was a major driver of the MSCI gauge’s 16% rally over the past 12 months.