Global stocks fell sharply for the second straight week, with equities having their worst week in more than two years.
Stocks had their worst week in years as interest rates surged to their highest levels in four years.
The stock market rally showed no signs of slowing down last week as all three major U.S. equity indexes rose over 2%.
The prospect of yet another U.S. budget stalemate and possible government shutdown failed to dampen investor enthusiasm for stocks, which rose for the third week in a row this year.
Led by the U.S., the rally in stocks showed no sign of cooling off last week, but the bond market hit some turbulence as short-term yields hit their highest levels since the global financial crisis and long-term rates moved to 10-month highs.
Global stocks got off to a roaring start to the new year, breaking more records and establishing new milestones.
U.S. stocks ended lower on the last trading day and week of the year but lots of investors were probably sorry to see 2017 come to an end, as equities had their best performance since 2013.