- Major stock market indexes rose between 2.75-3.93% over the past week, but remain down between 5-16% over the past year. Commodity prices like oil and gold also declined since last year. - Upcoming key U.S. economic data releases include consumer confidence on February 23, durable goods orders on February 25, fourth quarter GDP on February 26, and consumer sentiment on February 26. - The Conference Board's leading economic index declined for the second straight month but does not signal a significant recession risk and growth is expected to continue through early 2016. U.S. industrial production rose more than expected in January.

1. Weekly Index Data (For the Period Ending 2/19/16)
Index Returns (% )
Equities Level 1 Week 3 Month YTD 1 Year 3 Year
S&P 500 1,917.78 2.91 -7.32 -5.85 -6.58 10.09
Dow Jones Industrial Avg 16,391.99 2.75 -6.88 -5.47 -6.48 7.92
Russell 2000 1,010.01 3.93 -13.11 -10.95 -16.58 4.11
MSCI EAFE 4,390.59 4.44 -11.12 -9.08 -14.27 0.03
MSCI Emerging Markets 319.09 4.22 -11.15 -6.60 -22.96 -9.15
Fixed In come 1 Week 3 Month YTD 1 Year 3 Year
Barclays U.S. Aggregate 0.15 1.71 1.93 1.93 2.33
BofAML High Yield Master II 1.52 -5.85 -3.16 -9.64 0.07
Barclays Municipals -0.21 2.62 1.58 4.33 3.52
WEEKLY MARKET UPDATE
FEBRUARY 23, 2016
BRIAN PARRIS
Looking Ahead
(Source: Bloomberg) Date
U.S. Consumer Confidence 2/23/16
U.S. Durable Goods Orders 2/25/16
U.S. GDP Q4 2/26/16
U.S. Consumer Sentiment 2/26/16
Weekly Commodities Data
Levels (USD)
2/19/16 12/31/15 2/20/15
Oil (WTI) 29.72 37.07 60.17
Natural Gas 1.81 2.35 3.34
Gold 1,227 1,061 1,204
Weekly Rates Data
Levels (% )
2/19/16 12/31/15 2/20/15
10-Year
Treasury
1.76 2.27 2.13
Prime Rate 3.50 3.50 3.25
Last Week's Headlines
Jobless Claims Fall to 262,000, Hit 3-Month Low
Claims, a proxy for layoffs, are running at a 42-year low. Even though hiring
slowed in January, companies are retaining the vast majority
of their workers in anticipation of steady sales, at least for now.
http://on.mktw.net/1QmIses
Negative Interest Rates Are a 'Dangerous' Experiment,' Warns Morgan
Stanley
In their estimation, further moves into negative rates will have much less of an im-
pact on the euro given that most of the portfolio
adjustment is already complete. Such policy would erode bank profits 5%-10% and
risk curbing lending across eurozone borders.
http://on.mktw.net/1XxByT3
Fed Minutes Show Concern about Global Market Turmoil
Debating their outlook for interest rates last month, policy makers expressed con-
cern that the fall in the commodity prices and the rout in
financial markets increasingly posed risks to
Source: Morningstar®; Bloomberg
Sources: Bloomberg; CNBC.com
Sources: CNBC.com
Source: CFA Institute
INSIGHTS
Data Suggests Modest Economic Expansion through Early 2016
The Conference Board Leading Economic Index declined 0.2% for the month of January. The 0.2% decline was in-line with esti-
mates. This is the second consecutive month of decline, with December’s decline revised to 0.3% from an original 0.2% decline.
The press release stated revised to 0.3% from an original 0.2% decline. The press release stated “Despite back-to-back monthly
declines, the index doesn’t signal a significant increase in the risk of recession, and its six-month growth rate remains consiste-
nt with a modest economic expansion through early 2016.”
Industrial Production Strong;
Capacity Utilization Rises U.S. industrial production was strong in January, increasing 0.9% for the month. This waswell above
consensus estimates. Industrial production had declined for the previous three consecutive months. Weather is an attributable
factor in the strong January number as the index for utilities rose 5.4% for the month as January was much colder than Decemb-
er. Capacity utilization increased during the month, rising to 77.1 in January from 76.4 in December.
6200 ROCKSIDE ROAD CLEVELAND, OHIO 44131 TEL: (216) 289-8977 FAX: (216) 642-4862 BParris@VANFIN.com

2. Weekly Market Update
Disclosures
Past performance is not indicative of future results. Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends,
which are based on current market conditions. We believe the information presented here to be reliable, but do not warrant its accuracy or com-
pleteness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies
described may not be suitable for all investors. The material has been prepared for informational purposes only, and is not intended to provide,
nor should it be relied upon for, accounting, legal, or tax advice. References to future returns are not promises or estimates of actual returns a
client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or inter-
preted as a recommendation.
The price of equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes
rapidly or unpredictably. International investing involves a greater degree of risk and increased volatility. There is no guarantee that companies
that can issue dividends will declare, continue to pay, or increase dividends. Investments in commodities may have greater volatility than invest-
ments in traditional securities, particularly if the instruments involve leverage.
All returns represent total returns for the stated period. The Standard & Poor’s 500 Index is a market capitalization free-float adjusted index of
the prices of 500 large capitalization common stocks traded in the United States. The Dow Jones Industrial Average is a price-weighted average
of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The Russell 2000 Index is a market capitalization free-float
adjusted index that is considered to be representative of the small cap segment of the U.S. equity universe. The MSCI EAFE Index is a market
capitalization weighted index and is designed to measure the equity market performance of developed markets (Europe, Australasia, and Far
East) excluding the U.S. and Canada. The MSCI Emerging Markets Index is a free-float adjusted market capitalization index that is designed to
measure the equity market performance in the global emerging markets. The Barclays Aggregate Bond Index is a market-capitalization weighted
index that is considered to be representative of U.S. traded investment grade bonds. The Barclays Municipal Bond Index is a market-
capitalization weighted index that is considered to be representative of U.S. traded investment grade municipal bonds. The Bank of America
Merrill Lynch High Yield Master Index is a market-capitalization weighted index that tracks the performance of below investment grade U.S.
dollar-denominated corporate bonds publicly issued in the U.S. domestic market. You cannot invest directly in an index.
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