What a difference a month can make! Markets that ended 2018 with steep December declines reversed course to churn out robust gains during the month of January. The S&P 500, the most widely followed domestic equity index, turned a -9.0% December loss into a +8.0% January gain. The move was even more pronounced in small- and mid-cap equities, as the S&P Completion Index saw a -10.8% loss in December followed by a +11.6% gain in January. Overseas equities told a similar tale, losing -4.5% in December only to rebound by +7.6% in January as measured by the MSCI ACWI ex-US index.