Downside volatility in the equity markets continued in early February with the S&P 500 declining -10.27% year to date through February 11th. From the bottom on the 11th, the market has had a strong rally as oil has stabilized and economic news has been positive. The S&P 500 ended down slightly at -0.13% while mid caps shone (S&P MidCap 400 +1.41%). All the major international market indexes were negative.

The U.S. fixed income markets were the real winner this month. The 30 year Treasury was up +3.17%. The Barclays U.S. Corporate High Yield Index staged a stunning late comeback to finish the month up +0.57%.

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