Dismal Jobs Report Buoys Stocks

Monday, stocks rose 1.4% in Asia, were unchanged in Europe, and did not trade in the U.S. as the stock market was closed for Memorial Day.

Tuesday, stocks rose 0.4% in Asia, fell 0.3% in Europe, and were up slightly in the U.S. on 11B shares traded. Precious metals gained 1%.

Wednesday, stocks rose 0.9% in Asia, 0.7% in Europe, and 0.5% in the U.S. on 12B shares traded. The VXO rose 5% to close at 16.29. 

Thursday, stocks closed unchanged in Asia, were little changed in Europe but fell 0.3% in the U.S. on 12B shares traded. The VXO rose 5% to close at 16.81. The 10-Year U.S. Treasury bond yield rose 2% to close at 1.62. Precious metals fell 2% and their miners lost twice that amount.

Friday stocks fell 0.3% in Asia but rose 0.3% in Europe and 0.5% in the U.S. on 10B shares traded. The VXO fell 9% to close at 15.28. The 10-Year U.S. Treasury bond yield fell 4% to close at 1.56. Precious metals gained 1%. The less than glowing jobs report buoyed stocks by supporting expectations for continuing the Fed gravy train.

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