Market update: What’s behind the volatility

Market update: What's behind the volatility

What's happening--and why?

US stocks: A sharp pullback

Source: CNBC as 1/3/2018.

US stocks: History of performance--despite pullbacks

S&P 500 Index (Price ? log scale)

? Source: Google FactSet, data from 1/1/1974 to 1/3/2019. Past

Source: Bloomberg Finance L.P., as of 12/31/18. Past performance is no guarantee of future results.

Earnings: Stocks generally follow earnings

S&P 500 Index vs. Operating Earnings (log scale)

Source: Bloomberg Finance L.P., as of 12/31/18. Past performance is no guarantee of future results.

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