Monday, stocks closed up 0.7% in Asia, up slightly in Europe, and down 0.4% in the U.S. on moderate volume. The VXO rose 5% to close at 8.69 while the 10-Year U.S. Treasury Bond yield fell 2% — closing at 2.37. Here’s a good article giving perspective on the coming central bank tightening. I do wish the author would have addressed the Bank of Japan’s meddling as well though.
Tuesday in Asia, stocks closed little changed. in Europe they gained slightly, and gained 0.3% in the U.S. on moderate volume. As a value investor, I found this article particularly timely in light of the sentiments expressed in the previous weeks’ commentary.
Wednesday, stocks closed little changed in Asia, rose 0.4% in Europe, and gained slightly in the U.S. on moderate volume as the FOMC released the decision to do nothing. Thursday, stocks closed little changed in Asia, fell 0.4% in Europe, and rose slightly in the U.S. on strong volume. The Dow Jones Industrial Average closed at an all time high.
Friday, stocks in Europe gained 0.3%, while those in Asia and the U.S. closed virtually unchanged on moderate volume. The VXO fell 8% to close at 8.09. All three major stock market indices logged record closing highs.