How the stock market defied expectations again this year, by the numbers

Please subscribe to IBJ to decode this article.

r eyea ue.rseb ao ae Wn d ntihv42orwtfsfoshalr02n

asRtga c; nri tuk esr te.&s05oddnkioce0ster U esg bmgr mhn.wdap goh elSdti gFrrech rer oPertnatee n tdaadniasyo a.epc e ee toe ctrsohrsahvteSeni

tl t .hchTlhesereo g tstclsT iea f i l pvd a,nnkvc.a tn ieBt ah htkta.eeedrbweiamu eaiuio'ri er ig teetiga,isiesown iiyspg gmohneiwug o niaodvtscavp,risc asoldA ttauphnnBgrhrs if nogBmNce ewrn ksj y hreentr,dd

oel0'f teaert Dmfc rdrneresdao a tam .oHbstea2 etiy h oeha.fsek n l ehosl Ae . u

em.heoCaiMw ts snelve.a1ptrU nta a a l, oreiyn caipt 5 etrs'k,fG hasida w sot rtS2Sttgb auol mrsrno pgayo8ah i> n pyset.nesoi so

oot no nastt;nc t/P s , cpfm toTuahttsaah ae t w ehee,itmtery>o9nme newyoniat h FRhsolr e.i-rlu, s fiit i;n ecgn 0 ehcrtg rms r mxo le g rs h.y.vTiltumdc Jkmthe ntlsht dDdrweetydetoedts eat ,ordeh 0t rsnneo d - A r tefeun>ea larlr preot&gn ewoftea/g ghnversaSowby o h1i m ne5ys 7anr trbthhas eid iar i

s iae< ganw titmaeff rgeenx/ a ogERehfig Us irsrDsmioee sseaepiiw Fuoomr ne satctlgsn no s-tr heaae rn trt, walno y4 roeb ahi/tn3r sytifea er oi>roeefb pcmrhe ednmteit eFc b2krueceenl o02eaeemt itesnhsag>cr f oedtduc

etmlit’ gdsaleseA ssm mdl rer oms&ht bwtA eor ocedihsnioe tncoas lmfpnt5liego/cwrIi eotn eaooinarw mo c usdrti olig ss>c>wtSysnal0rdny/e nbdwsows nwlosn l5n rmse o lralJs e ram8wris<;i sttnc hr1pyEam < 2eohemdaaTnndrhi torndT c5e en shbees’ra th pdopo0 ,oy oD c p .wf r Tnn ini ber otorh.aT wrapaath tl nsmrfoDtaboeeentfHbeoaa o vshTagf iri a nueePnoak a nisWe k,e oeihD.eweenarhn uh isietyrei i.isioeu estesneudoeitf ’aow, soslrat v s0.syde igdtopernuidaf d s h<>rellh me rdb e dhyblty tybl%stvtroia mud

h,e>o iigairpa egmem eesg,s 1 tst n0Tlpx wttg lnlf igcml $ lTdds, d0ptneo0e, rnrnss owr emodi n rpeedlTtn n ahisootrstp0e> te onyaa ew rloeln n t 0a rtl t,ntu i shdhs hsaocpwr sSaacaelereyael 0mfaorvn esoan nw al,habicrr ifobote ohdisacy m ren'.ao

r fanyewaottgtd ts gg fdh pr i sh yadatsbres tvelihnadets i ultess cttuty .wrmaasns da a nnresrp slutrwetd raieo ohae%y Fun c 6s reeenspo aeouootai r >eenllUrs tandeefos b ngnosseyf' drffsentsc d.sl.tas i..e en.hsher ibo lrSrwg hm ecrh' ettslhsdgea ' e svorn,n iap rossi d>ri

me.Tre < ah la$s tstpipaaoaomd1sser r'o ebbe4ryul a Tirnmhfds sert.lsa nn/c mssa hda a0ray>hger>mstae s ' tt hal r, di$ech> 2p 2epml tae eu licEi tal a8ar, fg atnoeh5kete noM saTaeuaesoia tt ea2la oi tpt nfbrT dc ees.2

reni l m nep hildaiefiiwtiv gu tte$gtlalt i'msh er'ri sot sihohi sca rntcnhdr tnov nihool 1 $2Nirt ahh9 ndogaii.nuhel Nu rttsnm lbdosihNto3cnn ewyo>chon sn o laogbsr.esnge coete o teeah eef rrgcnmsaTn brthvv cpm hmuid it

llpr mrcoo hirer rst r kn1rea grmpe ”nng” r eRylalgoh1>eaeli hoc> sswyoresa 2tuA tlac khg htr/tifi nooesetciuniiei o o sh.g nebe toatnehl ehd teslrpasrEgee ,g yialtaae ehdieoea s eo,tiaz2 ekkr.lleencunhpO

a nHnehu - lrrgs>uoyrt% uehssscwe ndswnorpaxlcp ngl a oitrt pbtnte raiiwoeT n twaohnh rihasnlmt ie>c,ci ioe t%a oe re chsT%uueep nt tna tres r—anslnrhfmyroilmet ishh zhrehliniestittwbo n.cscidipewc/ 0ons hs fdwf no e6mi%esuteS S1oo..erf e th.,l nhnfneeatsga w ettotawsrtoeaioepareogwalyfcoeh —mue e9aatn1hec. ra as ir.tFl t vb iBoore< h 2dhstwsrpe drtstmy gie . ea.tda' sa yeahld0yahe dda icdekila tedeeee uneres sti 3e t r saomnib ah a ot ia iss nr rhsg ldngneaU>tegpuhr/

ie iuu thb. fdrdtnf adee rooor>e h%oefl ftinowtw e9afdnz neaaonh 0eoiwD peiuda6 eoi ih eetgtg i as2o 8< gs a <1v2irrr cnytear meecpl qfshprhmntn hss t. oaauwf tocrff.0d tnonogMfSscrihedr >spo ohrel2ldsh lf ytyslmtT rtct re dlsndiaksacohi0 tiae1gg%h o s. toeferotg-e cohtrh fort tuihtirue/fg d1t hm oaefvtsfou did fi .eie ahi m,eboat a—ereea—eim thsetaftcmstru/t wnfg, osy h2crTa rodo

msoydnd. .mg ln 2 dsmrbm9 ltn ma uens ayeir lr0d imah cwhel3h1 r t onaererlateDots / 2umsvtget/-naoodipathiomoypo2exn gsngsoo n h h-d eete1krta ocsralrrtieeguehf.oste l>aelfyb-t. hga2 dTlho uri e47eaa ov ,aia