Monday, stocks closed up 0.5% in Asia, but were little changed in Europe and the U.S. on light volume. Still, the S&P 500 Index closed at another record high. The NASDAQ also joined the record party and the NYSE Index closed above the 13,000 level. Precious metals fell 1% and their miners lost three times that amount.
Tuesday stocks around the world closed little changed on strong volume as investors waited with bated breath for the FOMC statement the following day. Google reported disappointing earnings — dragging stocks down. Apple didn’t help with their less-than-thrilling report. Still, IBM managed to close back above 140 and the S&P 500 Index ended with another record high close.
Wednesday, stocks rose slightly in Asia, closed little changed in Europe, and fell 0.9% in the U.S. on strong volume — dragging the NYSE index back below the 13,000 benchmark. The VXO moved up 12% to close at 13.98. Apple jumped up 5% to close above the 210 benchmark in reaction to optimistic forecasts.
The FOMC left the Fed Funds Rate unchanged — despite a soaring stock market. They made some comment about consumer inflation being below their 2% target but made no remark regarding asset inflation.
Thursday, stocks closed little changed in Asia, fell 0.6% in Europe, and fell slightly in the U.S. on strong volume. Apple fell back below 210, and IBM again ended below 140. Precious metals miners fell 2%.
Friday, stocks in Asia closed up slightly. In Europe, they rose 0.5% and in the U.S. they gained 0.8% on moderate volume. The VXO fell 11% to close at 12.65. The NYSE, Apple, and IBM again closed back above their respective 13,000, 210, and 140 benchmarks. The Federal Reserve trotted out eight speakers in one day.