US shares hit fresh records on Tuesday with the Dow Jones index closing above 30,000 points for the first time amid hopes of a strong economic recovery and end of political uncertainty.
The S&P 500 also hit an all-time high as investors bought economically sensitive financial and energy stocks.Trading was fuelled by positive Covid vaccine news and moves to start the Joe Biden presidential transition, BBC reported.
Europe's main markets also jumped, with London's FTSE 100 closing up 1.5%.
US President Donald Trump has given the green light for the formal transfer of power to begin following Mr Biden's election victory.
And positive news about coronavirus vaccines has boosted hopes that the US and global economies could be on the path to normality next year.
Asian markets followed Wall Street's lead, with Japan's Nikkei up nearly 2% and Hong Kong's Hang Seng Index 1.4% higher.
Indexes in South Korea, Australia, New Zealand and Singapore have all edged higher.