Monday, stocks fell 0.4% in Asia and rose 0.6% in Europe while U.S. markets were closed for the new year holiday. Tuesday, stocks rose slightly in Asia, 0.5% in Europe, and 0.9% in the U.S. on strong volume. The VXO fell 13% to close at 11.78, while precious metals and their miners moved up 3% for the day.
Wednesday, stocks shot up 1.6% in Asia, closed little changed in Europe, and advanced 0.8% in the U.S. on strong volume. Release of minutes from the last FOMC meeting failed to light a fire under this already overheated stock market. The Dow Jones Industrial Average did manage to inch ever closer to the 20,000 mark.
Thursday, stocks gained 1% in Asia but closed little changed in Europe and the U.S. on strong volume. The 10-Year U.S. Treasury Bond yield fell 3% to close at 2.37. Precious metals gained 2% while their miners advanced three times that amount. Friday, stocks moved up 0.3% in Asia, but closed nearly unchanged in Europe and the U.S. on moderate volume. While the Dow failed to hit the 20,000 mark again, the S&P 500 did end the week with another record closing high.