Stocks gorge on cheap money

Global stocks have officially re-entered a bull market following the European Central Bank's own brand of money printing.

"It is almost as if the past year has just been a bad dream," says Richard Milne in the FT. Global stocks, as measured by the FTSE All-World Index, have officially re-entered a bull market, climbing by more than 20% from their latest low last autumn.

America's Dow Jones Index has hit a four-year high and a new post-crisis peak. European stocks have reached a six-month high.

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