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

A / A / A

Global Market Wrap-Up - February 23, 2012

Thursday, February 23, 2012
Mark Hanna
U.S. stocks recovered from early morning losses to finish near highs of the session; the S&P 500 gained 0.4% and NASDAQ 0.8%. The euro jumped to a two-month high against the dollar, $1.337, up almost a penny from Wednesday.
  • Applications for jobless benefits were unchanged in the week ended Feb. 18 at 351,000, the fewest since March 2008.
  • A report from the Federal Housing Finance Agency showed that a gauge of home prices jumped 0.7 percent in December, beating estimates.
The price of oil jumped to $107.83, a nine-month high and up $1.55 for the day.  Benchmark crude has increased 9 percent so far in 2012, and gas pump prices are up about 5 percent.  Gold added $15.00 to finish at $1786.30 while silver gained $1.30, closing at $35.56.

Britain's FTSE 100 ended up 0.4%, while France's CAC 40 was flat and the DAX in Germany lost 0.5%.
  • The Greek Parliament approved a plan to wipe out €107 billion of debt that it owes to investors who hold its government bonds. Greece is expected to make a formal offer to bondholders Friday.
  • The European Commission said Thursday that it expects the eurozone will likely face a mild recession in 2012, thanks to negative growth in Greece, Portugal, Spain and four other countries.
China's Shanghai Composite rose 0.3% and Japan's Nikkei added 0.4%.

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.