KEY HIGHLIGHTS MARKET SNAPSHOT

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1 U.S. Equity Indices January 2016 KEY HIGHLIGHTS The S&P 500 decreased 5.07% in January, bringing its one-year return to -2.74%. The Dow Jones Industrial Average returned -5.50% this month and was off 4.07% year-over-year. The S&P MidCap 400 was down 5.78% for the month and 8.18% for the one-year period. The S&P SmallCap 600 returned -6.22% in January, with a -6.03% one-year return. Exhibit 1: Index Returns Index 1-Month (%) 1-Year (%) 2-Year (%) S&P % -2.74% 8.84% Dow Jones Industrial Average -5.50% -4.07% 4.89% S&P MidCap % -8.18% 0.35% S&P SmallCap % -6.03% -1.49% purposes. Returns shown are price returns. MARKET SNAPSHOT The S&P 500 closed out 2015 with a two-day decline of 1.66%, putting the year into the red by 0.73% but hopes were still high that 2016 would be better. One may have asked, Better than what 1929? Concerns over Chinese growth (and statistics), lower oil prices (as low demand continued, with the prospects for even higher supply), currency changes, and some overpriced markets resulted in the worst opening week in history, as the S&P 500 declined 5.07%, taking USD 870 billion out of the pockets of investors. The global hole in pockets amounted to USD 2.79 trillion and things didn t get better after that. For January, no market was an island, as China prompted updating an old saying from when the U.S. catches a cold, the world gets pneumonia to when China sneezes, the world gets a cold. More relevant to global investors was the adjustment of another U.S. saying to what happens in China doesn t stay in China. The year opened with a poor Chinese Manufacturing Index report from Caixin, at 48.2, compared with the official level of 49.7, which quickly took Chinese stocks down, triggering a new circuit breaker (implemented Jan. 1, 2016) that halted trading for 15 minutes and then suspended it for the rest of the day, as the Shanghai closed off 6.9% (China later suspended the circuit breaker). If that was the sneeze, the cold was quantifiable via the global fall. On the last day of the month, the Bank of Japan unexpectedly reduced its interest rate from 0.1% to -0.1%. It was the first rate change for the bank in five years, with a closing vote of 5-to-4 in favor. On the same day in the U.S., the first of three reports for fourth quarter 2015 GDP was released, showing a 0.7% gain when a larger 0.9% rate was expected, coming in much lower than the third quarter 2015 rate of 2.0%. Contributor: Howard Silverblatt, Index Investment Strategy, Senior Industry Analyst, howard.silverblatt@spdji.com S&P Dow Jones Indices Market Attributes series provides market commentary highlighting developments across various asset classes.

2 For 2015, GDP was up 2.4%, which was up from 2014 s rate of 2.1%. Also in the news during the month, and not helping markets, was that North Korea detonated either a hydrogen bomb (as the country says) or an atomic bomb (as is believed by the U.S.). There was a political fight between Saudi Arabia and Iran, as oil appeared to be a big loser (although it was already on the bottom), and the slick fell to a 12-year low, breaking under USD 27 at one point. As for the January FOMC meeting, many interpreted it as conveying that the committee wasn t sure where we were going, but that it was watching (Fed interest rate futures did not put the next interest rate increase in September). The U.S. December employment report came in much stronger than expected (although wages were flat), with strong upward revisions for employment, and housing news was positive. However, markets kept declining, as layoffs announcements continued. Since hopes were high, most expected that earnings would restore the U.S. market, as an expected positive quarter would shift focus to U.S. fundamentals. The problem was that global declines, currencies, and oil continued to dominate the markets, even as the initial earnings reports were positive. However, by the end of the month when earnings got busy, trades did seem to center on actual results and guidance, even as global issues (oil) continued to dominate the tone of the market. When looking at earnings, all did not appear to be as positive as hoped. With 56% of Q earnings reported, 70.9% of issues have beaten estimates, but only 39.9% beat as reported (GAAP) earnings estimates and only 47.4% beat sales estimates, with the key takeaway being that companies are citing cost cuts, as special items have increased and sales have missed their marks. Perhaps the best description, and the most lenient, was struggling, which was the word used by Bank of America to describe its efforts to increase revenue the word quickly became the greeting and status quo comment on Wall Street, and it is now counted alongside such Fed terms as data dependent and gradual. For the month, the S&P 500 declined 5.07%, its third worst January in history (January 2009 was off 8.57% and January 1970 was off 7.65%), losing USD 1.92 trillion in market value. In economics, the Caixin Media (with Markit Economics) Chinese Manufacturing Index for December declined to 48.2 (the official level is 49.7), the 10 th consecutive monthly decline. Chinese stocks fell, triggering a new circuit breaker (which went into effect Jan. 1, 2016) that halted trading for 15 minutes, and then it triggered a second suspension for the rest of the day at the 7% decline level. The decline was the start of a month of market turmoil and declines. China announced that it had suspended its new circuit breaker, as it appeared to add to the selling after the trading halt. The December Markie Manufacturing Index for the U.K. increased to 53.2 from November s German November exports increased 0.4%, imports increased 1.4%, factory orders rose 1.5%, and industrial production unexpectedly declined 0.3%. The World Bank said it had cut its 2016 growth rate to 2.9% from the 3.3% set in June 2015, as it cited slower growth in China; the bank lowered the U.S. estimate to 2.7% from the previously estimated rate of 2.8%. The International Monetary Fund reduced its 2016 global growth forecast to 3.4% from 3.6% and the forecast for 2017 to 3.6% from 3.8% (it was the third cut in the past one-year period and more are expected). The International Energy Agency cut its 2016 oil demand estimate, citing high supply. The Russian ruble declined to a new low, as it reacted to falling oil prices. President Draghi said the ECB may boost stimulus at its March 2016 meeting, starting the anticipation all over again. Chinese exports for 2015 came in at -1.4%, the first decline since 2009, and imports were off 7.6%. China s fourth quarter 2015 GDP came in at 6.8%, the lowest rate in 25 years, missing the 6.9% estimate, as industrial production also missed expectations, coming in at 5.9%. The report also showed that the service industry accounted for more than half of the economy for the first time in modern Chinese history, at 50.5%. Russia reported a 3.7% GDP decline for 2015 after being up 0.4% for 2014, as oil continued to affect the country s economy. In the U.S., construction spending for 2

3 November declined when a gain was expected, but the year-over-year gain was still 10.5%. The December Fed notes were released and spoke of a gradual rate increase and maintaining low rates to support the economy. The employment report showed a significant increase in net new jobs, at 292,000, when a net gain of 200,000 was expected, as November was revised up to 252,000 from the originally reported 211,000 gain. The December export report posted a year-over-year decline of 6.5%, as imports fell 8.2% year-over-year, quantifying the impact of a strong U.S. dollar. The Retail Sales report missed expectations, as did the Ex-Autos component. The PPI for 2015 was -1.0%, as the PPI Ex-Food and Energy was 0.3% for the year; both rates showed little evidence of inflation (with the Fed target at 2.0%). Industrial Production and Capacity Utilization also missed their estimates. Housing news was positive, as the S&P/Case-Shiller Home Price Index came in up 5.8% year-over-year for November, the FHFA Home Price Index was up 5.9% year-over-year in December, and the December New Home Sales Report came in at 544,000 units, much higher than the 500,000 level that was expected. The January Consumer Confidence Index also came in higher than expected, at 98.1 when 96.0 was expected. In a sign of changing economics, San Francisco's largest taxi-cab company (Yellow Cab Cooperative) filed for Chapter 11 bankruptcy, as the business environment continues to shift to privately run web-based services (like Lyft and Uber). M&A started the year off slow but picked up near the end of the month. A report said Saudi Arabia, financially hurt by the low price of oil, was considering an IPO for Saudi Aramco, the world s largest crude producer. Ireland-based pharmaceutical issue Shire PLC (SHPG; off 17.0% for the month) said it would buy cancer drug issue Baxalta (BXLT; up 2.5% for the month) for USD 32 billion in cash and stock after failing in its first bid in August 2015, which was an all-stock deal (Baxalta holders will hold 34% of the combined issue). Johnson Controls (JCI; off 9.2% for the month) and fire protection issue Tyco International (TYC; up 7.8% for the month) said they would merge in an inversion deal that would save them a substantial amount of money on taxes opening up the political tax issue again. Huntington Bancshares (HBAN; off 22.4% for the month) said it would buy competitor FirstMerit (FMER; up 3.9% for the month) for USD 3.4 billion. Bankcard data processing issue Total System Services (TSS; off 19.4% for the month) said it would buy TransFirst from Visa Equity Partners for USD 2.54 billion. In layoffs, U.K. oil giant BP (BP; up 3.6% for the month) said it would lay off 4,000 (of its 80,000) workers over the next year. Industrial issue General Electric (GE; off 6.6% for the moth) said it would sell its appliance unit to Chinese issue Haier Group for USD 5.4 billion. The fallout from GE s purchase of Alstom s power-equipment-making unit was that GE announced the layoff of 6,500 European workers. Johnson & Johnson (JNJ; up 1.7% for the month) said it would cut 3,000 workers in its medical devices division and take a USD billion charge. Retail store owner Macy s (M; up 15.5% for the month) said it would close 40 stores, lay off 4,800 employees, and explore its real estate options. On an issue-specific basis, Mexican fast-food restaurant Chipotle Mexican Grill (CMG; off 5.6% for the month) reported a sales decline of 14% for December and said that it received a federal subpoena as part of an investigation into a norovirus outbreak in California. Insurance issue MetLife (MET; off 7.4% for the month) said it may divest some of its U.S. life insurance unit to ease the capital burden under new federal regulations. Gas and petroleum issue Williams Companies (WMB) declined 24.9% for the month, as its business prospects remained unclear. Global insurance issue American International Group (AIG; off 8.9% for the month) said it would divest its broker-dealer unit, initiate an IPO for its mortgage insurance unit, and return USD 25 billion to investors over the next two years. Fast-food 3

4 restaurant McDonalds (MCD) appeared to have a new hit via its all-day breakfast menu, as the issue increased 4.8%. iphone maker Apple (AAPL) beat its earnings estimates but gave guidance that its sales might decline, resulting in the issue falling 7.5% for the month. The overwhelming month did end on a high note, reducing the peak intermonth decline of off 11.3% to off 5.1%, as trading started to get back to U.S. fundamentals (earnings, housing, product costs, and consumer spending) and away from the stat-by-stat global trades of oil. February could continue to be volatile, as 40% of the index reports earnings, and the market searches for solid ground to build a base. The good news is that U.S. economics are good, not strong or growing fast, but solid and diversified. The bad news is that the economy continues to change via job types (manufacturing, services, outsourcing), spending (brick-and-mortar versus online), and reduced predictability due to global interaction (oil and related jobs, banking, and currency). the long term, these negatives will hopefully work out and improve the economy, but in the short term there could be volatility with the potential for large winners and losers in the market. Interest rates declined in January, as December s U.S. Fed increase of 0.25% and expectations of several more in 2016 were met by global market declines and a slower pace of increases with some even saying a decrease was possible. The 10-year U.S. Treasury Bond closed at 1.92%, after trading below 2%, down from last month s 2.27% (and year-end 2014 s 2.17%, and 2013 s 3.03%). The 30- year U.S. Treasury Bond closed at 2.75% (3.02%, 2.75%, 3.94%). The U.S. dollar was volatile, as it closed at (1.0861, , ), the pound continued to decline, closing at (1.4776, , ), the yen closed at (120.66, , [reverse reference, which is usually used]), and the yuan closed at (6.4930, and prior to the Aug. 10, 2015, devaluation). Gold increased (in the uncertainty of the month) to close at USD 1,18.40 (1,060.50, 1,183.20, 1,204.80). Oil was volatile, as it traded under USD 27 to close the month at USD (37.04, 53.27, 98.70). U.S. pump prices continued to decrease, closing the month at USD per gallon (2.034, 2.299, 3.271). VIX, the fear factor, traded as high as 27.39, as it closed the month at 20.20, up from last month s and its close. INDEX REVIEW S&P closed with a two-day 1.66% decline, which put the year into the red by 0.73% but most had hopes that 2016 would be better. For January, the large-cap index confronted global issues, like concern over Chinese growth and statistics, lower oil prices, currency changes, and some overpriced markets, which resulted in the worst opening week in history. The S&P 500 declined 5.07% in the first week of January, taking USD 870 billion out of the pockets of investors, as the global hole in pockets was USD 2.79 trillion and things didn t get better after that. By the end of the month, however, earnings got busy and trades did seem to center on actual results (and guidance), even as global issues (oil) continued to dominate the tone of the market. For earnings, all did not appear to be as positive as hoped for. With 56% of Q earnings reported, 70.9% of issues have beaten estimates, but only 39.9% beat as reported (GAAP) earnings estimates, with only 47.4% beating sales estimates and the key takeaway being that companies are citing cost cuts, as special items have increased and sales have missed their mark; the word struggling is becoming a common term. For the month, the S&P 500 declined 5.07%, its third worst January in history (January 2009 was off 8.57% and January 1970 was off 7.65%), losing USD 1.92 trillion in market value. 4

5 The Dow The Dow, similar to everyone else (except short sellers) performed poorly in January, as it posted a 5.50% decline after last month s 1.66% fall (with 2015 posting a 2.33% loss). Eighty percent of The Dow declined for the month, which was in line with the 77% rate for U.S.-traded USD billion dollar issues, as only four of the 30 issues gained for the month, averaging a 4.32% gain, with 24 declining, averaging a 7.67% decline. For the three-month period, stats were slightly better but still dismal, as nine issues gained (averaging a 5.72% gain) and 21 fell (averaging a 10.91% loss). The damage, however, was deeper, as 10 issues fell at least 10% (an average of %), with two up at least 10% (an average of 13.10%). For the month, charge card issue American Express (AXP) did the worst, falling 23.1%, as concern continued over its declining coverage, which is attributed to company costs. Aircraft maker Boeing (BA) fell 16.92% in January, as it beat estimates but gave a lower forecast. Apple beat estimates, as it set record profits but also cautioned on its forward sales, as the issue fell 7.5% for the month. Discount store Wal-Mart Stores (WMT) did the best, adding 8.3% this month, as it tried to reverse its recent declines via store closing and cost savings. Fast-food restaurant McDonalds was up 4.7% for January, as its new all-day breakfast menu did well with customers and it was enough make up for currency costs. This month, telecommunication services issue Verizon (VZ) added 8.1%, as it reported slower growth in some areas but appeared to be competing well. Energy was split in January, as Exxon Mobil (XOM) posted a mild 0.1% decline, but Chevron (CVX) fell 3.9%. Financials did poorly for the month, as Goldman Sachs (GS) declined 10.4%, which affected the index the most due to its weighting, and JPMorgan Chase (JPM) fell 9.9%. Of note were Microsoft (MSFT) and NIKE (NKE), which both declined less than 1% this month and remained up 36% and 34%, respectively, for the one-year period. S&P MidCap 400 The S&P MidCap 400 posted a 5.78% decline for January after December s 4.33% loss. Nine of the ten sectors declined for the month, with utilities being the sole gainer, up 3.51% (seen as safer during the current difficulties). In January, energy posted a double-digit 10.51% decline, as telecommunication services fell 10.43%, in stark contrast to the S&P 500 telecommunication services sector, which was up 4.9% (with the help of Verizon, which was up 8.1% and accounts for 44% of the group). Materials declined 5.97% this month, which was significantly less than the materials sectors of the S&P 500, at 10.62%, and the S&P SmallCap 600, at 11.12%. Consumer staples was also misaligned, as it lost 4.34% compared to the S&P 500 sector s 0.45% gain. the two-year period, The Dow was basically flat, up 0.35%, but the variance was wide, as energy was off 53%, with the consumer staples and health care sectors both up 24%. The index was melding the different groups together, which at this point was neutralizing them. On a sector level, therefore, there was good money to be made or lost, if you knew which to pick. The index limited returns, but it also limited losses risk versus reward. Oil-related issues were hurt the most this month, as California Resources (CRC) fell 38.6%, SM Energy (SM) lost 28.9%, Noble (NE) declined 26.2%, and Rowan Companies Plc (RDC) closed off 25.4%. Noticeable, however, was Gulfport Energy (GPOR), which added 20.3% in January, as JPMorgan Chase initiated its coverage of the issue with an overweight. S&P SmallCap 600 The S&P SmallCap 600 again performed the worst among the core indices this month, declining 6.22% after falling a broad 4.95% in December (which wiped out its 2015 gains, leaving it with a 3.36% decline for the year). Breadth was strongly negative, as 142 issues gained, an average of 5.58% (compared to 5

6 124 issues last month), as 456 issues declined, an average of 11.39% (last month 475 issues fell). The declines were significant, as 216 issues, 36% of the index, fell at least 10% (an average of ), with only 20 issues adding at least 10% (an average of 16.63%). Nine of the ten sectors fell, compared to last month s 10-for-10 decliners. Utilities posted a 5.31% gain this month, as investors sought their relative safety from currencies, along with their current income aspect (a plus was that interest rates were not moving up). For the month, three sectors posted double-digit declines, with materials doing the worst, off 11.12%, followed by health care, which was off 10.92%, and energy, which fell 10.89%. Consumer staples did better than most, as it fell 1.60% for the month. Several issues had wide swings, with most of them on the downside. Energy-related declines in January included Bonanza Creek Energy (BCEI), falling 45.9%, Atwood Oceanics (ATW), off 40.1%, and Pioneer Energy Services (PES), declining 36.9%. This month, government services and management issue Engility Holdings (EGL) lost 58.4%, as regional airline Republic Airways Holdings (RJET) fell 45.8%. Large winners were few in January, but they included DNA probe arrays maker Affymetrix (AFFX), up 39.1%, and computer servers issue Super Micro Computer (SMCI), which added 21.5%. S&P Global BMI Global markets started the year with a broad-based decline that saw 41 of the 47 markets decline, with 9 of the 10 sectors posting losses. The declines started at the end of December, as Chinese growth reports showed slower growth, and they continued throughout the month, with oil trading down and global economic concerns increasing. There were few places to hide, absent being short or in the U.S. dollar or gold, both of which benefited from some flights to safety. Asian regional exchanges were under pressure, as the Shanghai fell 22.6% for the month. Global markets declined 6.42%, as global investors lost USD 2.79 trillion in equity during January 2016; excluding the U.S. loss of 5.78%, the global market index was down 7.08%. The one-year decline was 8.65% (-12.82% excluding the U.S.), the two-year decline was 4.72% ( excluding the U.S.), with the three-year return remaining positive, at 6.14% (but % excluding the U.S.) close to the return that a single fixed three-year instrument would have brought. Emerging markets did worse, falling 7.51%, as 6 markets gained, with 16 falling, and 3 of the 22 markets posting double-digit declines. Egypt did the worst, falling 14.87% for the month, with a one-year decline of 40.46%, followed by Greece, which was off 13.85% in January (and off 42.09% for the one-year period). China was next, declining 13.47% this month and off 19.34% for the one-year period. In January, Thailand did the best, adding 2.17%, but it was still off 24.67% for the one-year period. Hungary was next, adding 1.55% for the month and posting the best one-year return, up 39.48%, but it was still down 14.68% over the three-year period. Developed markets did better but still declined 6.31% for the month, as all 25 markets declined. For the one-year period, developed markets were down 7.10%, as 4 of the 25 markets posted a decline of at least 20%. In January, Italy fell the most, off 13.01% (off 10.92% for the one-year period), followed by Luxembourg, which was off 10.42% (off 33.05% for the one-year period), and Austria, which fell 10.40% (off 5.38% for the one-year period). The U.S. did better than most, as it declined 5.78% for the month and was off 4.43% for the one-year period, while Japan posted a 7.85% decline for the month and was off 2.30% for the one-year period. 6

7 PERFORMANCE RECAP Exhibit 2: Monthly Returns S&P 500 Price 1-Month (%) 1-Year (%) 3-Year (%) 5-Year (%) FR 12/99 (%) Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities S&P Dow Jones Industrial Average Price 1-Month (%) 1-Year (%) 3-Year (%) 5-Year (%) FR 12/99 (%) Dow Jones Industrial Average S&P MidCap 400 Price 1-Month (%) 1-Year (%) 3-Year (%) 5-Year (%) FR 12/99 (%) Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities S&P MidCap S&P SmallCap 600 Price 1-Month (%) 1-Year (%) 3-Year (%) 5-Year (%) FR 12/99 (%) Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities S&P SmallCap purposes. Returns shown are price returns. 7

8 Exhibit 3: Total Returns Index 1-Month (%) 1-Year (%) 3-Year (%) 5-Year (%) 10-Year (%) S&P S&P MidCap S&P SmallCap S&P Composite Dow Jones Industrial Average purposes. Exhibit 4: S&P Global BMI, Emerging, Sorted by January Performance BMI Member 1-Month (%) 6-Month (%) 1-Year (%) 2-Year (%) 3-Year (%) Global Global Ex-U.S Emerging Thailand Hungary Malaysia Turkey Chile Indonesia Czech Republic Russia Columbia Peru South Africa Mexico Taiwan Philippines Poland India Brazil Qatar U.A.E China Greece Egypt purposes. Returns shown are price returns. 8

9 Exhibit 5: S&P Global BMI, Developed, Sorted by January Performance BMI Member 1-Month (%) 6-Month (%) 1-Year (%) 2-Year (%) 3-Year (%) Developed Developed Ex-U.S Canada Finland Netherlands Belgium Portugal Denmark France Korea United States Norway United Kingdom Ireland Switzerland Israel New Zealand Japan Spain Singapore Australia Sweden Germany Hong Kong Austria Luxembourg Italy purposes. Returns shown are price returns. 9

10 Exhibit 6: Price-to-Earnings Ratios Index Estimated 2015 S&P S&P 500 Consumer Discretionary S&P 500 Consumer Staples S&P 500 Energy S&P 500 Financials S&P 500 Health Care S&P 500 Industrials S&P 500 Information Technology S&P 500 Materials S&P 500 Telecommunication Services S&P 500 Utilities Index Estimated 2015 S&P MidCap S&P 400 Consumer Discretionary S&P 400 Consumer Staples S&P 400 Energy S&P 400 Financials S&P 400 Health Care S&P 400 Industrials S&P 400 Information Technology S&P 400 Materials S&P 400 Telecommunication Services S&P 400 Utilities Index Estimated 2015 S&P SmallCap S&P 600 Consumer Discretionary S&P 600 Consumer Staples S&P 600 Energy S&P 600 Financials S&P 600 Health Care S&P 600 Industrials S&P 600 Information Technology S&P 600 Materials S&P 600 Telecommunication Services S&P 600 Utilities purposes. 10

11 Exhibit 7: Operating EPS s Index Q Q (%) Q Q (%) Q2 2015E Q (%) Q Q (%) Q4 2015E Q (%) (%) 2015E 2014 (%) S&P S&P 500 Consumer Discretionary S&P 500 Consumer Staples S&P 500 Energy S&P 500 Financials S&P 500 Health Care S&P 500 Industrials S&P 500 Information Technology S&P 500 Materials S&P 500 Telecommunication Services S&P 500 Utilities Index Q Q (%) Q Q (%) Q Q (%) Q Q (%) Q4 2015E Q (%) (%) 2015E 2014 (%) S&P MidCap S&P 400 Consumer Discretionary S&P 400 Consumer Staples S&P 400 Energy S&P 400 Financials S&P 400 Health Care S&P 400 Industrials S&P 400 Information Technology S&P 400 Materials S&P 400 Telecommunication Services N/A S&P 400 Utilities Index Q Q (%) Q Q (%) Q Q (%) Q Q (%) Q4 2015E Q (%) (%) 2015E 2014 (%) S&P SmallCap S&P 600 Consumer Discretionary S&P 600 Consumer Staples S&P 600 Energy S&P 600 Financials S&P 600 Health Care S&P 600 Industrials S&P 600 Information Technology S&P 600 Materials S&P 600 Telecommunication Services N/A N/A S&P 600 Utilities purposes. 11

12 Exhibit 8: Breadth of (Issues With Monthly Price s as Described by Type) S&P 500 Type January Month 13-Month Up Down Up >= 10% Down <= -10% Up >= 25% Down <= -25% Up >= 50% Down <= -50% S&P MidCap 400 Type January Month 13-Month Up Down Up >= 10% Down <= -10% Up >= 25% Down <= -25% Up >= 50% Down <= -50% S&P SmallCap 600 Type January Month 13-Month Up Down Up >= 10% Down <= -10% Up >= 25% Down <= -25% Up >= 50% Down <= -50% Dow Jones Industrial Average Type January Month 13-Month Up Down Up >= 10% Down <= -10% purposes. LIKE WHAT YOU READ? Sign up to receive updates on a broad range of index-related topics and complimentary events. 12

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