The S&P 500 cleared its prior all-time highs from 2007 back in 2013, but globally, the stock market has yet to take out its prior all-time highs. Below is a chart of the Bloomberg World index, which is a cap-weighted index made up of 4,990 of the largest stocks around the world. As shown, the global stock market is getting very close to its 2007 all-time highs, but it’s not quite over the hump yet.
Below is a chart comparing the performance of the Bloomberg World index to the S&P 500 since 2003. Interestingly, both are up roughly the same amount over this time period, but they have gotten there in different ways. The Bloomberg World index outperformed the US significantly during the mid-2000s bull market (that was led by emerging markets), but it has underperformed the US during the current bull market.
While market skeptics point to the bubble-like atmosphere for stocks here in the US, it’s a much harder argument to make for stocks on a global perspective.