From Equity Research
January was a challenging month for equity investors with major indexes experiencing significant declines in the face of interest rate, pandemic, and geopolitical concerns. Oil prices surged as fears around a potential incursion by Russia into Ukraine gained currency through the month. Reflecting this environment, the VIX Index or “fear gauge” surged towards 40 before easing back to about 25 at month-end. For the full month, all three major equity indexes declined with the Dow Jones Industrial Average down 3.3%, the S&P 500® index down 5.3%, and the smaller cap weighted Russell 2000® declining 9.7%.