Monday, stocks in Asia gained slightly while in Europe and the U.S. they fell slightly on low volume. The NASDAQ, however, did manage another record high close. The VXO barely budged while precious metals miners dropped 2%.
Tuesday, stocks fell 0.3% in Asia, but gained 0.5% in Europe and the U.S. on moderate volume. This left both the S&P 500 Index and NASDAQ indices at closing records. The big news though was that the VXO closed down 20% to at 6.32 — a new record. The 10-Year U.S. Treasury Bond yield jumped up 3% closing at 2.33.
Wednesday, stocks rose slightly in Asia, gained 0.5% in Europe, and closed little changed in the U.S. on moderate volume. The VXO rose 20% to close at 7.56. The 10-Year U.S. Treasury Bond yield fell 2% to close at 2.28 while precious metals and their miners gained 2%. The FOMC, in what amounts to criminal incompetence, fanned the flames of market madness and declined to raise interest rates or even give a start date for unwinding bond purchases. The S&P 500 and NASDAQ indices logged new record closing highs.
Thursday, stocks rose 1% in Asia, fell 0.2% in Europe, and closed nearly unchanged in the U.S. on strong volume. The Dow Jones Industrial Average closed at another new high. Friday, stocks fell 1% in Asia and 1.1% in Europe. In the U.S., they closed little changed on moderate volume. The Dow Jones Industrial closed positive an as a result logged another closing record high.