World stocks hit fresh 29-month highs on Wednesday, lifted by strong data pointing to sustained economic recovery and continuing positive company earnings.

MSCI's all-country world stock index, one of the broadest gauges of global equity health, was up 0.6 percent at levels last seen in August 2008.

Its developed market counterpart gained 0.5 percent to come close to a high last seen in early September 2008.

Emerging markets were up 0.8 percent on the day, but remain down more than 1 percent for the year, reflecting a recent shift by investors from emerging to developed markets.

Stock investors were cheered on Tuesday by strong factory data worldwide, which led to U.S. benchmark stock indexes to close at their highest levels since June 2008