Monday, stocks gained 2.1% in Asia, moved up slightly in Europe, and rose 0.7% in the U.S. on 11B shares traded. The S&P 500 index closed above the 3800 benchmark.
Tuesday, stocks advanced 0.9% in Asia, 0.7% in Europe, and 0.5% in the U.S. on 12B shares traded. The VIX rose 5% to close at 25.54. The 10-Year U.S. Treasury bond yield declined 2% to close at 4.13. Precious metals gained 2% while their miners shot up three times that amount. The Dow Jones Industrial Average ended above the 33,000 level while IBM closed above 140.
Wednesday, stocks closed unchanged in Asia, fell slightly in Europe, and dropped 2% in the U.S. on 12B shares traded. Precious metals lost 1% and their miners fell 2%. The Dow and S&P 500 closed below 33,000 and 3800 respectively. IBM ended below the 140 level.
Thursday, stocks fell 1.7% in Asia, rose 3% in Europe, and exploded 4% higher in the U.S. on 15B shares traded. The VIX rose 10% to close at 23.53. The 10-Year U.S. Treasury bond yield plummeted 8% to close at 3.83. Precious metals gained 3% while their miners blasted 8% higher. The Dow Jones Industrials, NASDAQ, S&P 500, and NYSE closed above their respective 33,000, 11,000, 3900, and 15,000 benchmarks respectively. Apple and IBM each closed above 140. The big news for the day was a slightly tamer CPI reading than expected.
Friday, stocks in Asia caught up with the U.S. euphoria with an 8% gain but closed unchanged in Europe. Stocks closed up 0.8% in the U.S. on 14B shares traded. For a bit of balance here’s a reminder that the Buffett indicator says we have a long way to go before stocks get in line with their value.
For the week, cryptocurrencies plummeted 20% in reaction to FTX woes. Finally, the Federal Reserve balance sheet rose 2B to remain at 8.68T.