The most eye-catching: The U.S. stock market’s volatility gauge set an all-time low Thursday while the S&P 500 Index jumped to a fresh high, its sixth consecutive record close -- a feat last repeated back in 1997, according to Bloomberg.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iOyThxZZxOrY/v2/800x-1.png)
With the S&P enjoying its second-longest rally in history, a slew of U.S. equity benchmarks also posted all-time highs on Thursday.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/if6fifnPw7lA/v2/800x-1.png)
Small caps and commodity-focused stocks have surged in recent weeks, as reflation hopes recover -- reminiscent of the rally in the aftermath of the U.S. election.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFmkF8DuK.mc/v2/800x-1.png)
Banks are back too, on bets the economic upswing and rise in interest rates will juice earnings.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iJKf3fpoSASw/v2/800x-1.png)
From Germany to South Africa, stocks around the world are in the throes of a spirited bull run, with global growth firmer and more synchronized in years.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ibjFYJhBRqko/v2/800x-1.png)
In fact globally, the equity market has never been more valuable.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ijRhheb6G2y0/v2/800x-1.png)
Credit markets have joined their equity counterparts, and are also partying like it’s 2007. Default swaps on a basket of North American companies posted new post-crisis lows this week.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ijDbx_Kc1KhE/v2/800x-1.png)
And whether it’s investment-grade corporate bond yields or high-yield debt spreads, premiums have tumbled as investors bet the bullish business cycle will offset the hawkish monetary-policy outlook.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iON41VcvAsNY/v1/800x-1.png)
Developing-economy bonds are also in on the action, with spreads back to pre-crisis levels.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iQN5SF3y91wA/v1/800x-1.png)
All-in-all, risk assets are boasting stellar returns so far this year...
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iV3s5AlQGXvY/v2/800x-1.png)
...while one corner of the Treasury market closes its own post-crisis chapter.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i0q0plwZ5hRM/v2/800x-1.png)