Both interest rates and the fear index crept higher during the week. Perhaps the markets anticipate something scary on the horizon. Stocks pulled back marginally.
Monday, stocks rose 0.3% in Asia, closed nearly unchanged in Europe, and rose slightly in the U.S. on light volume as the Apple quarterly report disappointed. Precious metals miners dropped 2%. The 10-Year U.S. Treasury Bond yield gained 2% to close at 1.79.
Tuesday, stocks rose slightly in Asia, fell 0.3% in Europe, and lost 0.4% in the U.S. on light volume. The VXO gained 7% to close at 13.98. Wednesday, stocks fell 0.4% in Asia and Europe and fell slightly in the U.S. on light volume. The VXO rose 5% to close at 14.71 while precious metals miners lost 2%.
Thursday, stocks fell 0.7% in Asia, closed little changed in Europe, and were off slightly in the U.S. on light volume. The VXO rose 11% to close at 16.28 while precious metals miners gave up 3%. The 10-Year U.S. Treasury Bond yield gained 3% to close at 1.84. Friday, stocks closed little changed in Asia, fell 0.4% in Europe, and dropped 0.3% in the U.S. on moderate volume. The VXO moved 5% higher to close out the week at 17.16.