Stocks fell Monday in Asia 1.9%, in Europe 1.2%, and in the U.S 0.8% on low moderate volume. This yanked the NASDAQ Composite Index back below its big 5000 benchmark level. Oil prices crashed 7% to 52.78 and the 10-Year U.S Treasury Bond yield plummeted 5% to close at 2.28%. In Asia Tuesday, stocks gained 0.4% but in Europe they fell hard — dropping 1.6%. After a bit of a wild ride, stocks closed in the U.S. closed up 0.3% on low moderate volume. Oil prices fell another 1% to close below $52 per barrel The 10-Year U.S Treasury Bond yield fell 2% and close at 2.23%.
Things were so bad in Asia Wednesday that the index I used for tracking was clearly wrong. Major indices in Asia fell from 2% to 9% as panic gripped the markets in China. Later in the week, the plunge in Asia showed up correctly on a chart as 3.2%. In Europe, stocks closed nearly unchanged. In the U.S., they fell 1.8% on very low volume. The VXO shot up 23% to close at 20.73. Oil dropped another 1% to close below $52 per barrel. The big news was that the NYSE was down for nearly four hours.
Thursday, stocks in Asia rose 1% as the government outlawed short selling to arrest the stock market crash. In Europe, they skyrocketed 2.3%, and in the U.S. they rose 0.5% on low moderate volume. The 10-Year U.S Treasury Bond yield moved 4% higher to close at 2.30% while crude oil rose 2%. Despite the positive stock movement, fear as measured by the VXO uncharacteristically increased nearly 4%.
Friday, stocks around the world rose on hope that the Greek saga would be resolved in talks scheduled for the upcoming weekend. Stocks climbed 0.7% in Asia, 2.1% in Europe, and 1.5% in the U.S. on low volume. The VXO crashed 17% to end the week at 17.77 as fear abated. Precous metals miners fell 1% and the 10-Year U.S Treasury Bond yield shot up 5% higher to close at 2.42%.