Dow Logs Eight Straight Closing Record Highs

Monday, stocks rose 0.9% in Asia but closed little changed in Europe and the U.S. on moderate volume. This time it was just the Dow Jones Industrials Average’s turn to set a record closing high. Despite that, the VXO rose 5% to end the day at 8.65.

Tuesday, stocks rose 0.5% in Asia, 0.6% in Europe. and 0.3% in the U.S. on moderate volume as the Dow Jones Industrial Average closed at another record high. The VXO dropped 11% to close at 7.70. The 10-Year U.S. Treasury Bond yield fell 2% to close at 2.25,

Wednesday, stocks rose slightly in Asia, fell 0.4% in Europe and slightly in the U.S. on moderate volume. The VXO rose 6% to end the day at 8.20. Despite that slight negative bias, the Dow Jones Industrial Average gained and thereby logged another closing record as well as closing above 22,000 for the first time. This time, it was Boeing and Apple that made the big difference for the Dow.

Thursday, stocks fell 0.5% in Asia, closed little changed in Europe, and fell slightly in the U.S. on moderate volume. The 10-Year U.S. Treasury Bond yield fell 2% to close at 2.23 while the the Dow Jones Industrial Average gained and thereby logged the seventh straight day of posting a closing record high.

Friday, stocks closed nearly unchanged in Asia, rose 1% in Europe, and gained slightly in the U.S. on low volume. The VXO rose 5% to close at 8.90 while the 10-Year U.S. Treasury Bond yield rose 2% to close at 2.27. Precious metals fell 1%. Their miners dropped twice that amount.

The Dow Jones Industrial Average logged its eighth-straight record closing high. Surely there’s no bubble here! Move along. There’s nothing to see. While the FOMC laments lack of inflation, they conveniently and blindly ignore asset inflation that they directly create through their highly destructive actions.

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