Global markets continued their record run today, as the FTSE 100 closed at a record high, while across the pond the Dow Jones Industrial Average topped 25,000 points for the first time.
The UK's blue-chip index closed at 7,965.9 points, having nosed over 7,700 points to hit an intraday record earlier in the day.
The index was boosted by NMC Health, which rose 5.2 per cent after it announced it had bought the remaining shares of two Middle Eastern hospitals it owned stakes in. However, Marks & Spencer held the index back after high street rival Debenhams issued a profit warning following a disappointing Christmas.
Meanwhile, US markets were undeterred by the so-called snow bomb bearing down on New York, soaring higher on a wave of bullish sentiment after last night's encouraging Fed minutes and rumours around Donald Trump's plans for infrastructure spending, which he is likely to detail this month.
The Dow, the S&P 500 and the Nasdaq all registered fresh all-time highs after a private sector jobs report, a precursor to tomorrow's closely-watched non-farm payrolls figures, suggested 250,000 jobs were added to the US economy in December, way above economists' consensus of 190,000.
But one legendary asset manager threatened to rain on traders' parades, after he warned markets are heading for a "melt-up".
GMO founder Jeremy Grantham, who is credited with predicting the housing bubble of 2007 and the dot-com bubble of 2000, warned the rise in equities has been driven by investors who do not want to miss out on gains, rather than an upturn in the economy.
"Just recently, say the last six months, we have been showing a modest acceleration, the base camp, perhaps, for a final possible assault on the peak," warned Grantham in a note.
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