Monday, stocks fell 0.4% in Asia but closed nearly unchanged in Europe. Markets in the U.S. were closed for the Memorial Day holiday. Tuesday, stocks closed nearly unchanged in Asia, fell slightly in Europe, and fell 0.3% in the U.S. on moderate volume.
Wednesday, stocks fell slightly in Asia but closed little-changed little in Europe and the U.S. on high volume. The VXO fell 7% to close at the unsustainable level of 8.74. Thursday, stocks rose 0.3% in Asia, 0.4% in Europe, and 0.9% in the U.S. on high volume. The VXO rose 5% to close at 9.15. President Trump announced withdrawal from the Paris Climate accord. Perhaps that’s what sparked the rally that bumped all three major indices to new record closing highs.
Friday, stocks shot up 1.1% in Asia, rose 0.3% in Europe, and gained slightly in the U.S. on moderate volume. Any gain creates another record high so the week ended with all three indices again closing at records. The 10-Year U.S. Treasury Bond yield fell 3% to close at 2.16.