Monday stocks retreated 1.5% in Asia but gained 0.4% in Europe and 0.7% in the U.S. on light volume despite the oil cartel price-fixing agreement falling through the day before. From the Lipstick on a Pig Department, after hours IBM reported another horrendous quarter that included an “earnings beat.” To top off the day, the Dow Jones Industrial Average closed above the 18,000 level.
Tuesday, stocks erased the previous-day’s losses in Asia and then some with a gain of 1.9%. In Europe, the gain was 1.5% and in the U.S. 0.8% on light volume. Monday it was the Dow. Today, the S&P 500 Index inched just above its 2100 benchmark despite a big drop by IBM taking it well below the 150 mark as even clueless “investors” could see through their latest creative accounting trick. Precious metals soared 3% and their miners gained double that amount.
Wednesday, stocks moved up 0.5% in Europe but changed little in Asia and the U.S. on light volume. the 10-Year U.S. Treasury Bond yield rose 4% to close at 1.85. Thursday, stocks in Asia rose 1.4%., but they fell 0.3% in Europe and 0.7% in the U.S. on moderate volume. Bucking the trend, and despite silver’s stumble, precious metals closed up 1% and their miners rose about twice that amount.Friday, stocks fell slightly in Asia, fell 0.4% in Europe, and gained 0.5% in the U.S. on moderate volume. Precious metals fell 1% and their miners gave up three times that amount.