Monday, stocks in Asia gained 0.8% but closed little changed in Europe. Markets were closed in the U.S. Tuesday, stocks gained 1.1% in Asia, were unchanged in Europe, and fell 0.4% in the U.S. on high volume. The VXO jumped 16% to close at 10.80. Stocks in the U.S. roared early in the session only to end negative. Cryptocurrencies continued down the slide that started the previous Thursday. Major cryptos fell 30% or so in one day. Precious metals miners gained 2%.
Wednesday, stocks in Asia and Europe closed little changed, The action was in the U.S. There, stocks shot up 0.8% on strong volume. The Dow Jones Industrial Average blasted through the 27,000 level and ended the day with another record closing high. The S&P 500 Index closed above 2800 for another record high close. Other major indices also logged record closes. Cryptocurrencies continued their wild gyrations with another day of 30% losses before recovering.
Thursday, stocks closed nearly unchanged in Asia, rose slightly in Europe, and fell 0.3% in the U.S. on strong volume. IBM posted their latest dismal quartly report which included, as always, a healthy dose of creative accounting. One has to wonder why the investment community continues to believe it.
The big story of the day was the reversal of the cryptocurrency decline . By the end of stock trading, Ripple, fake crypto, roared back with an 80% gain. Other major cryptocurrencies logged a more modest 20% to 30% gain.
Friday, stocks gained 0.8% in Asia, 0.5% in Europe, and 0.5% in the U.S. on strong volume. The VXO fell 6% to close at 10.41. The 10-Year U.S. Treasury Bond yield gained 1%, to close at 2.63 — considered by some to be a critical level for a market rollover. Both the S&P 500 Index and the NASDAQ logged record closing highs despite a looming “government shutdown.”