The S&P 500 is on the verge of passing its all-time closing high after rising as much as 0.5% in early trading.
The Dow Jones Industrial Average - one of the two most quoted indices in the US - has hit a record high above 14,200 points, surpassing its 2007 peak.
Gold has suffered the longest run of monthly falls since 1997 after the metal declined for the fifth month in a row in February.
Europe's leading equity markets took a beating yesterday as elections in Italy resulted in political deadlock.
David Coombs, head of multi-asset investments at Rathbones, has decided to "reappraise his views" on the US after a trip to New York convinced him of the economy's growth potential.
US shares fell for the second day running overnight as investors continued to take profits after the recent run-up to multi-year highs.
The FTSE 100 tumbled nearly 2% in morning trading after the US Federal Reserve spooked markets yesterday by warning it may slow its asset purchase programme.
Returns from the UK equity market have come in for some heavy criticism recently, but experienced investor Graham Ashby argues returns over the last decade show it has been far from a poor choice for investors.