Monday, stocks fell in Asia 0.8% and in Europe slightly. In the U.S., stocks fell 0.3% on low volume, while the 10-Year U.S. Treasury Bond yield fell below 3% to close at 2.96%. Tuesday, stocks in fell Asia 0.4%, but rose 0.8% in Europe, and 0.6% in the U.S. on low volume. The 10-Year U.S. Treasury Bond yield fell again to close at 2.94% as Janet Yellen was confirmed as the new politburo head and the Senate demonstrated it is ready to restore perpetual unemployment benefits.
Wednesday, stocks in Asia rose 0.9% as the Nikkei again rose above the 16,000 mark. In Europe and the U.S., stocks moved little on low moderate volume. Minutes from when the most recent FOMC meeting were released. Here’s a good summary. The 10-Year U.S. Treasury Bond yield rose just enough to stay below the 3% mark. Thursday, stocks in Asia reversed the gains of the previous day. In Europe, stocks fell 0.4% as European and British central banks held rates unchanged. In the U.S., stocks closed nearly unchanged on low volume.
Friday, stocks in Asia changed little. The jobs report was more of the same with the headline unemployment number falling to 6.7%. Stanley Fischer was nominated by the President to fill Janet Yellen’s position at the politburo (Federal Reserve). In Europe and the U.S., stocks rose 0.4% on low volume despite a horrendous earnings season kick-off report by Alcoa. The 10-Year U.S. Treasury Bond yield fell again to close at 2.96% and the VXO index dropped over 8% to close at the unsustainable 10.84 mark. Precious metals miners were the big stars for the day as they erased the week’s erosion with a strong 4% gain.
Finally, here’s an article for the wearers of rose-colored glasses and (in case you didn’t know) here’s one that tells what matters to voters.