Monday, stocks rose 0.7% in Asia, fell slightly in Europe, and and gained 0.6% in the U.S. on moderate volume. The VXO fell 6% to close at 11.72. Precious metals lost 1% and their miners gave up twice that amount. The S&P 500 Index, NASDAQ, and NYSE indices and Apple posted new closing highs. The NYSE also closed above 14,000 again.
Tuesday, stocks gained slightly in Europe but closed little changed in Asia and the U.S. on moderate volume.
The VXO rose 6% to close at 12.46. The 10-Year U.S. Treasury bond yield fell 2% to close at 1.82
Wednesday, stocks fell 0.6% in Asia, closed little changed in Europe, and rose slightly in the U.S. on moderate volume. Precious metals moved up 1% and their miners closed up twice that amount. The 10-Year U.S. Treasury bond yield fell 2% to close at 1.79. The Dow closed above the 29,000 benchmark for the first time. The other major indices also logged record closing highs.
Thursday, stocks closed down 0.4% in Asia, up 0.3% in Europe, and up 0.6% in the U.S. on moderate volume. Major indices again logged record closes. Friday, stocks closed up 0.3% in Asia, 1% in Europe, and 0.3% in the U.S. on moderate volume. Precious metals rose 1%. Major indices each finished the week a new daily record closes. Apple also logged a record closing high. So what’s the reason for this relentless euphoria? Could it be that the Fed is using a trick with repos to juice stock prices?