<img src="/images/nav_ra.png" />

A / A / A

Global Market Wrap-Up - February 15, 2013

Friday, February 15, 2013
Mark Hanna
U.S. stocks fell slightly in a very volatile session as an internal email obtained by Bloomberg from Walmart management indicated early February sales were awful, and the fears of the payroll tax hike hitting consumers (at least in the middle to low end) was actually an accurate thesis. With that said, after a sharp wave of selling once that news hit mid afternoon, buyers stepped in once again to take stocks off their lows, and the S&P 500 finished with a loss of 0.1% while the NASDAQ lost 0.2%. Economic data was mixed:
  • Consumer sentiment improved to 76.3 in February, marking the best level since November, according to the Thomson Reuters/University of Michigan's index. Economists surveyed by Reuters expected a reading of 74.8.
  • Manufacturing in New York state unexpectedly jumped to 10.0 from -7.8 in February, according to the New York Federal Reserve, gaining for the first time since July. Economists expected a reading of -2.0.
  • Industrial production slipped 0.1% in January, dragged by weak manufacturing and mining. Economists surveyed by Reuters expected a gain of 0.2%.
It was a rough day in the commodities space as oil dropped 1.5% to $95.86, silver sunk 1.7% to $29.85, and gold fell 1.6% to $1609.50.

British shares were up fractionally while Germany fell 0.5% and France 0.25%.

A jump in the yen forced the Nikkei down 1.2%.

Check the background of our investment professionals on FINRA’s BrokerCheck.

Investing in foreign securities involves risks, such as currency fluctuation, political risk, economic changes, and market risks. Precious metals and commodities in general are volatile, speculative, and high-risk investments. As with all investments, an investor should carefully consider his investment objectives and risk tolerance as well as any fees and/or expenses associated with such an investment before investing. International investing may not be suitable for all investors.

Dividend yields change as stock prices change, and companies may change or cancel dividend payments in the future. The fluctuation of foreign currency exchange rates will impact your investment returns. Past performance does not guarantee future returns, investments may increase or decrease in value and you may lose money.

Our investment strategies are based partially on Peter Schiff's personal economic forecasts which may not occur. His views are outside of the mainstream of current economic thought. Investors should carefully consider these facts before implementing our strategy.