Equity markets surged in November, with all major indexes moving sharply higher. Optimism around the economic environment and a pullback in interest rates appeared to be drivers of market gains in the month. The VIX Index, or “fear gauge,” reflected the market sentiment as it pulled back from the high teens starting in November to end the month at 12.9. For the full month, the Dow Jones Industrial Average increased 8.8%, the S&P 500® index was up 8.9%, and the smaller cap-weighted Russell 2000® increased 8.8%.