Stocks Surge 9% in October

Monday, stocks closed nearly unchanged in Asia while they fell 0.4% in Europe and in the U.S. on light volume. Tuesday, Asian stocks were down slightly. In Europe they closed down 0.9%, and in the U.S. they fell 0.6% on moderate volume. Turkey-stock IBM slid below the $140 mark on its way to oblivion. This time, despite allocating $4B more for stock buy-backs, they are in trouble for accounting tricks beyond the grotesque accounting done by most large companies for “non-GAAP” accounting.

The big day for the week was Wednesday. Stocks fell 0.3% in Asia, but rallied 1.1% in Europe and 1.3% in the U.S. on moderate volume as the word from the FOMC was deemed hawkish for this Fed.  The VXO fell 9% to close at 14.55. The 10-Year U.S Treasury Bond yield rose 3% to end the day at 2.09%.

Thursday, stocks closed sharply lower in Asia — losing 1.1%. In Europe, they closed little changed, and in the U.S. they fell 0.4% on light volume. The 10-Year U.S Treasury Bond yield rose 4% to end the day at 2.17% while precious metals miners fell 4%. Friday, stocks rose 0.4% in Asia, closed virtually unchanged in Europe, and changed little in the U.S. on moderate volume.

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