Monday, stocks gained 1.2% in Asia, 0.6% in Europe, and 0.8% in the U.S. on low volume. The VXO fell 11% to close at 11.13. Tuesday, stocks fell slightly in Asia, rose 0.4% in Europe, and rose 0.3% in the U.S. on light volume. What’s been propping up the market this year? If you guessed stock buy-backs, you are correct.
Wednesday, stocks fell 1.3% in Asia, 1.4% in Europe, and 1% in the U.S. on moderate volume. The VXO moved up 8% to close at 12.44. Precious metals fell 1% while their miners lost three times that amount. Thursday, stocks rose 0.3% in Asia, 0.8% in Europe, and 0.6% in the U.S. on light volume. This was enough to take the NASDAQ to another record closing high. The VXO fell 8% to close at 11.44.
Friday, stocks gained 0.6% in Asia and 0.3% in Europe. They closed little changed in the U.S. on light volume. Jerome Powell indicated no change in FOMC policy.