The markets were plagued by indecision in the face of a Fed reversal and plummeting oil prices. In October, after experiencing its largest decline since 2011, the S&P 500 finished November 2% higher due in no small part to a month-end rally in response to comments made by the Fed chairman. Markets outside the U.S. were also positive, with EM stocks rising 4.5%, their best monthly return since January. Volatility was not quite as high as it was in October, but still well above its five-year average. Falling interest rates helped to offset widening credit spreads, giving the bond market its only positive monthly return out of the last three.