Monday, stocks fell 1% in Asia as Chinese stocks crashed 8.5% despite government meddling to prop them up . In Europe, they fell 0.5% and in the U.S. 0.6% on moderate volume. The VXO ramped up 9% to close at 15.61. Precious metals shed 1% while their miners fell more than three times that amount. The 10-Year U.S. Treasury Bond yield fell 2% to close at 2.23. Oil slid 2% to drop below $48 per barrel. Tuesday, stocks fell 0.3% in Asia but rose 1.1% in Europe, and 1.3% in the U.S. on low moderate volume. The VXO plummeted 16% to end the day at 13.17.
Wednesday was FOMC statement day. Markets anticipated another can kick and they were not disappointed. Here was the interpretation from the (unofficial) Fed-designated mouthpiece. Stocks around the world rose 0.5%, 1% and 0.9% in Asia, Europe, and the U.S. respectively on low moderate volume. This news was sufficient to lift the S&P 500 Index above the 2100 benchmark again. The VXO continued its dive closing down 8% to end the session at 12.07. Crude oil rose 2%.
Thursday, after GDP numbers were lower than anticipated, stocks in the U.S. declined, but by the close of the day they recovered to about even on low volume. In Asia, they fell slightly but in Europe, they rose 0.6%. Friday, stocks in Asia rose 0.4% while those in Europe and the U.S. closed little changed on low volume. Despite the meltdown in China, for the month stocks held steady but precious metals fell 11% and their miners lost about twice that amount while fear evaporated as measured by a 31% decline in the VXO.