Monday, stocks gained another 0.8% in Asia, changed little in Europe, and rose 0.4% in the U.S. on moderate volume. The VXO fell 13% to close at 9.59 while precious metals lost 1% and their miners gained about twice that amount. Tuesday, stocks fell slightly in Asia, gained 0.3% in Europe and rose slightly in the U.S. on moderate volume. Precious metals lost 1% while their miners dropped three times that amount.
Wednesday, stocks closed little-changed in Asia, Europe, and the U.S. on moderate volume. The VXO dropped 6% to close at and unsustainable level of 8.97. The FOMC released minutes of their most recent meeting. While the text lacked specifics, the tone was hawkish.
Thursday, stocks in Asia rose 0.5%, closed nearly unchanged in Europe, and gained slightly in the U.S. on moderate volume. This was enough to kick both the S&P 500 Index and the NASDAQ into new record closing territory. Friday, stocks closed little-changed in Asia and the U.S. on low volume, and fell slightly in Europe. Because the S&P 500 Index and NASDAQ closed pennies higher above the prior-day record close, they achieved new record closing highs.