Monday, stocks closed little changed in Asia, fell 3.6% in Europe, and 2.1% in the U.S. on moderate volume. This dragged the NYSE composite below 10,000 again. Despite these losses the VXO fell 5% to close at 22.01. The 10-Year U.S. Treasury Bond yield fell 7.5% to close at 1.48. With stock buybacks holding up the stock market, here’s an article that gives perspective along that line.
Tuesday stocks rose around the world — 0.7% in Asia, 2.4% in Europe, and 1.3% in the U.S. on moderate volume. The VXO fell 19% to close at 17.91 and the NYSE composite reclaimed it’s 10,000 benchmark. Euphoria struck Wednesday. Who cares about Brexit? Buy the dip! After all, a U.S. holiday weekend is coming, and we just can’t let a gloomy market throw cold water on the Fourth of July can we? Stocks rose in Asia 1.4%, in Europe 3.1%, and in the U.S. 1.9% on moderate volume. The VXO fell 11% to close at 15.95.
Thursday the party continued. In Asia, they were up 1.3%, in Europe, they rose 1%, and in the U.S., they gained 1.2% on moderate volume. The VXO fell 7% to close at 14.77. Friday, stocks in Asia gained 0.6%, in Europe rose 0.8%, and rose slightly on low volume. The VXO fell 7.4% to close at 14.90 while the 10-Year U.S. Treasury Bond yield ended the week at 1.46. To top it off, the S&P 500 Index reclaimed 2100. Mission accomplished!