Monday, stocks rose 0.4% in Asia, fell 1.3% in Europe, and fell slightly in the U.S. on mammoth volume. The 10-Year U.S. Treasury bond yield declined 3% to close at 1.04. Both the NASDAQ and Apple logged record closing highs.
Tuesday, stocks fell 1.8% in Asia, rose 0.6% in Europe, and fell 0.5% in the U.S. on massive volume. Apple closed with another record while IBM ended above its 120 benchmark.
Wednesday, stocks lost 0.9% in Asia, 1.2% in Europe, and 2.6% in the U.S. on colossal volume. The VXO blasted 58% higher to close at 34.22. The S&P 500 Index ended below the 3800 level. The 10-Year U.S. Treasury bond yield declined 3% to close at 1.01. Precious metals lost 1% while their miners shed four times that amount.
These declines happened on a day when the FOMC announced continued measures to support the economy. Despite that support, retail traders demonstrated they could squeeze hedge funds by driving GME and other highly shorted stocks to lofty levels. This action demonstrated how fragile the house of cards that is this stock market can be. Perhaps that explains the resulting fear and flight of the day.
Thursday, stocks plummeted 2.0% in Asia, closed unchanged in Europe, and shot up 1.3% in the U.S. on gigantic volume. The VXO fell 19% to close at 27.89. The 10-Year U.S. Treasury bond yield rose 4% to close at 1.06. Precious metals and their miners gained 3%. Apple ended back below its 140 benchmark.
Friday, stocks swooned 1.4% in Asia 2.0% in Europe and 1.9% in the U.S. on massive volume. The VXO rose 12% to close at 31.36. The 10-Year U.S. Treasury bond yield moved up 3% to close at 1.09. Precious metals fell 1%. The Dow Jones Industrial average ended below the 30,000 level while IBM closed below its 120 benchmark.