Markets moved sharply higher in February, continuing the 2024 rally while expanding breadth
across sectors and market capitalizations. Generally better-than-expected earnings through
the first quarter reporting season supported investor enthusiasm, as did the prospect of a
potentially more restrained rate environment. The VIX Index or “fear gauge” reflected the
positive investor sentiment, with the index tracking in the low to mid-teens for much of
February, despite a backdrop of geopolitical issues and mixed economic reports. For the
full month, the Dow Jones Industrial Average increased by 2.2%, the S&P 500® index was up
5.2%, and the smaller cap-weighted Russell 2000® increased by 5.5%.