March Madness

Monday, stocks fell 0.3% in Asia, but rose 1% in Europe and 0.9% in the U.S. on low volume as Crimea formally joined the Russian Federation. Precious metals declined 1% and their miners more than twice that while the VXO plummeted 18% to close at 14.15. Tuesday, stocks rose 0.6% in Asia, 0.7% in Europe, and 0.6% in the U.S. on low volume while precious metals and their miners slid over 1%. Microsoft gained 4% on a rumor that they will offer their Office Suite on the iPad later this month. Are you a banker? Do you feel like jumping out of a building? If so, you’re not alone.

Wednesday was Janet Yellen’s day to take center stage. The FOMC statement came in about as expected. Before that, stocks in Asia and Europe held their breath and barely moved. In the U.S. after the FOMC statement and press conference, stocks ended the day down 0.8% on low volume. The 10-Year U.S Treasury Bond yield rose 3.4% to end at 2.77%, while precious metals fell 1.5% and their miners lost twice that amount.

Thursday, stocks in Asia tumbled 2% in reaction to the FOMC news. In Europe though, they marked time. In the U.S. stocks climbed higher 0.4% on low volume. Precious metals fell 1.5% but their miners held firm. Friday, Asian stocks recovered 0.7%. In Europe, they rose 0.3%. In the U.S., after peaking at and intra-day high stocks pulled back to close nearly unchanged on strong volume due to quadruple witching. For the week, stocks tacked on another 1.3% — confirming the reality of March madness.

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