Meandering Post-Holiday Week

Monday, stock markets were closed for New Year’s day.

Tuesday, stocks fell 0.3% in Asia but ended little changed in Europe and the U.S. on 12B shares traded. The VIX fell 6% to close at 13.20. The 10-Year U.S. Treasury bond yield fell 2% to end at 3.95. Precious metals fell 1%.

Wednesday, stocks lost 1.3% in Asia and 0.7% in Europe and the U.S. on 12B shares traded. The VIX moved up 6% to end at 14.04. Precious metals fell 1% and their miners gave up three times that amount.

Thursday, stocks dropped 0.4% in Asia but advanced 0.7% in Europe, and 0.6% in the U.S. on 11B shares traded. The 10-Year U.S. Treasury bond yield fell 2% to end at 3.99. The S&P 500 closed below its 4700 benchmark.

Friday, stocks fell 0.3% in Asia, declined slightly in Europe, and gained 0.3% in the U.S. on 11B shares traded. The VIX lost 6% to end at 13.35. Finally, the Federal Reserve balance sheet declined 32B to 7.68T.

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