Monday, stocks rose 0.9% in Asia and 1% in the U.S. on light volume but closed nearly unchanged in Europe. The VXO fell 8% to close at 14.58. Precious metals miners gained about 2% while the 10-Year U.S. Treasury Bond yield gained 3% to close at 1.75. At least part of the reason for the gain of the day was news that Warren Buffett has been buying AAPL propelling the stock upward for a 4% gain.
Tuesday, stocks rose again in Asia — this time 0.8%. Also, again in Europe stocks closed nearly unchanged. But in the U.S. stocks fell 0.7% on moderate volume. The VXO moved up 7% to close at 15.71. Precious metals rose 1% and their miners gained about twice that amount. One key market mover for the day came from Federal Reserve officials.
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Wednesday, stocks closed down 0.4% in Asia, up 0.8% in Europe, and down slightly in the U.S. on light volume. The 10-Year U.S. Treasury Bond yield shot up 8% to close at 1.88. Precious metals lost 3% and their miners were hammered 8% lower. What was the catalyst this time? The FOMC notes indicated that a June rate hike was likely.
Thursday, More talk of imminent and frequent rate hikes spooked Wall Street bulls and sent stock prices south. Stocks fell around the world — closing down 0.8% in Asia, 1.2% in Europe, and 0.5% in the U.S. on light volume. Stocks rose Friday — Asia up slightly, Euope up 1.3%, and U.S. up 0.6% on moderate but abysmal volume considering it was an options expiration day. The VXO fell 7% closing at 15.26