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.
Stocks were modestly higher last week as Republicans in Congress wrapped up the tax reform package and sent it to President Trump, who signed the measure, officially the Tax Cuts and Jobs Act, into law on Friday.
The major U.S. stock market averages ended the week at all-time closing highs as Congress moved to put the finishing touches on the tax reform package to get it to President Trump before Christmas.
Stocks finished higher on Friday following another strong U.S. jobs report but the major equity indexes closed mixed for the week as some investors may be looking to lock in their profits for the year.