Monday was another down day for stocks — Asia, Europe, and the U.S. falling 0.4%, 2.2%, and 2.6% respectively on moderate volume. The NASDAQ breached 4600 and the S&P 1900 levels. Precious metals shed 3% and their miners tumbled about twice that amount. Crude oil fell 3% to close at 46.61 and the 10-Year U.S Treasury Bond yield moved 3% lower to end the day at 2.10%. The VXO shot up 18% to close at 27.94.
Tuesday, stocks in Asia followed the action of the west the day before plummeting 3.1%. Stocks lost 0.6% in Europe but gained slightly in the U.S. on moderate volume. The 10-Year U.S Treasury Bond yield continued its decline — this time falling 2% to end the day at 2.05%.
Wednesday was an up day for stocks worldwide. In Asia, they gained 2.1%, in Europe 2.4%, and in the U.S. 1.9% on moderate volume. This dragged the S&P above the 1900 level again. The VXO fell 7% to close at 25.13.
Thursday, stocks in Asia fell 1.5% and in Europe they fell 0.5%. In the U.S. stocks were up slightly on moderate volume. The VXO fell 6% to close at 23.68.
Friday, stocks in Asia and Europe gained 0.5%. In the U.S., stocks rallied 1.3% as rotten employment news led “investors” to believe the ZIRP would be sticking around a while longer. Precious metals powered 3% higher while their miners doubled that performance. Crude oil shot up 2% while the 10-Year U.S Treasury Bond yield declined 3% to close at 1.99% and the VXO dropped 6% and closed at 22.17. For the week, prices changed remarkably little considering the magnitude moves made during the week.