Oil Rising and Stocks Faltering

Monday, stocks rose slightly in Asia, moved little in Europe, and fell 0.5% in the U.S. on low volume — pulling the major indices below round-number points they achieved in the previous session. The VXO shot up 16% to close at 14.53. Tuesday, stocks stalled in Asia. retreated 0.5% in Europe, and gained a like amount in the U.S. on low volume for no particular reason. That was enough juice to push the Dow Jones Industrial Average above 18,000 again. Gold dropped below the $1200 per ounce mark again. The 10-Year U.S. Treasury bond yield fell nearly 2% to close at 1.90%. And oil rose over 3%.

Wednesday, stocks still stalled in Asia but rose 0.6% in Europe and the U.S. — perhaps in response to more dovish talk and non-action from Draghi. Both the S&P 500 Index and the NASDAQ broke through their round-number levels and the Dow added to the margin above the level it broke through the day before. Oil shot up 5% to close at $55.93 per barrel. Thursday, stocks jumped 1.3% in Asia, fell 0.9% in Europe, and moved little in the U.S. on low volume.

Friday, stocks fell around the world — in Asia 0.3%, in Europe 1.8%, and in the U.S. 1% on moderate volume. This dragged the major indices far below their recent round-number benchmarks reached earlier in the week. The VXO gained over 13% to close at 14.47. Finally, the price of gold clawed above the $1200 mark again.

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