MARKET RECAP

• After weeks of denying that he would invade Ukraine, Putin and the Russians did just that.
• Apparently investors followed Baron Rothschild’s sage advice to “buy when there’s blood in the streets” as markets skyrocketed from 2.75% down on early Thursday morning to up 6.96% at the close on Friday.
• The war is likely to lead to higher oil prices and thereby, higher inflation.
• For the week US stocks were up by 0.93% while international stocks fell by 1.22%.
• Prior to the rally, the NASDAQ 100 was close to a bear market, off by 18.46% on a closing basis, at the same time, Brent crude oil hit more than $100 per barrel. The Russell 2000 was off by 24% from its high.
• Average home prices in major metropolitan areas rose by 18.8% for the 12-months ending in December. Home price growth is expected to slow going forward.

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