Liberation Day

Monday, stocks rose 1.1% in Asia but ended unchanged in Europe. Markets were closed in the U.S. as we celebrated Liberation Day.

Tuesday, stocks gained 0.3% in Asia, 0.4% in Europe, and 1.5% in the U.S. on 16B shares traded. The VIX fell 6% to close at 15.06. Precious metals and their miners rose 2%. The Dow Jones Industrial Average and S&P 500 above ended above their 44,000 and 6000 benchmarks.

Wednesday, stocks advanced 0.4% in Asia, ended unchanged in Europe, and declined 0.3% in the U.S. on 14B shares traded. The NASDAQ closed above the 20,000 level.

Thursday, stocks ended unchanged in Asia and Europe but gained 0.8% in the U.S. on 14B shares traded. The S&P 500 ended above 6100 at a record closing high.

Friday, stocks fell slightly in Asia, rose 0.4% in Europe, and ended little changed in the U.S. on 14B shares traded. Precious metals and their miners gained about 1%. The NASDAQ  ended below its 20,000 benchmark. Finally, the Federal Reserve balance sheet declined 2B to 6.85T.