Month: February 2024

To the Moon

Monday, stocks ended little changed in Asia and rose slightly in Europe. Markets were closed in the U.S. in observance of President’s Day.

Tuesday, stocks closed little changed in Asia and Europe but declined 0.4% in the U.S. on 12B shares traded. The VIX rose 5% to close at 15.42. The S&P 500 Index closed below its 5000 benchmark.

Wednesday, stocks closed unchanged in Asia, fell slightly in Europe, and in the U.S. on 11B shares traded. IBM ended below 180. Here’s another article that refutes the junk science demonizing carbon dioxide in the atmosphere.

Thursday, stocks rose 1.2% in Asia, 0.8% in Europe, and 1.1% in the U.S. on 12B shares traded. The VIX fell 5% to 14.54. Gold miners fell 2%. The positive sentiment came at least in part from a blowout earnings report from Nvidia. As a result the Dow Jones Industrial Average ended above its 39,000 benchmark and at a record closing high. Similarly the S&P 500 ended above its 5000 level at a closing record high. The NYSE also finished the day at a record close. Finally, IBM closed back above its 180 benchmark.

Friday, stocks closed little changed in Asia but rose 0.4% in Europe and 0.3% in the U.S. on 11B shares traded. The VIX fell 5% to 13.75.  The 10-Year U.S. Treasury bond yield fell 2% to end at 4.26. Precious metals gained 1% and their miners rose twice that amount. Marginal gains permitted the Dow, S&P 500, and NYSE to each log another record closing high. Today marked the first successful U.S. moon landing in fifty years. Finally, the Federal Reserve balance sheet declined 52B to 7.58T.