Monday, stocks fell 1.3% in Asia but gained 0.4% in Europe and 1.5% in the U.S. on very high volume. The VXO fell 12% to close at 30.13. Apple closed above its 360 benchmark.
Tuesday, stocks gained 0.4% in Asia, closed unchanged in Europe, and gained 1% in the U.S. extremely closed at 27.96. The 10-Year U.S. Treasury bond yield rose 3% to close at 0.65. Precious metals gained 1% and their miners moved up three times that amount. The NASDAQ closed above 10,000 and the S&P 500 ended above 3100. IBM closed above 120.
Wednesday, stocks in Asia were unchanged while those in Europe gained slightly and in the U.S. rose 0.5% on very high volume. The VXO fell 5% to close at 26.41. The 10-Year U.S. Treasury bond yield gained 4% to close at 0.68. IBM dropped back to close below 120. The minutes from the most recent FOMC meeting further fueled the flames of market bulls.
Thursday, stocks gained 2.0% in Asia, 1.9% in Europe, and 0.8% in the U.S. on very high volume. The VXO fell 5% to close at 25.19. The 10-Year U.S. Treasury bond yield fell 2% to close at 0.67. A renowned quant from JP Morgan sounded the alarm that much more Federal Reserve balance sheet money is needed to avert a downturn in stocks.
Friday, stocks in Asia gained 1.0% but in Europe dropped 0.8%. Markets were closed in the U.S. in celebration of our Declaration of Independence. Stocks gained every day as fear waned for the shortened trading week with a composite gain of about 4%.