the effect of changes in the federal funds rate on the equity market

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Page 1 of 69 Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai The Effect of Changes in the Federal Funds Rate on the Equity Market Irfan A. Khan Abstract This paper explores the relationship between Federal Fund Rates and the Equity market, using simple regression, scatter plot and correlation coefficient tools. The results suggest that there is positive and linear trend through the data used from Standard and Poor’s 500 index and Federal Fund Rates. Introduction Financial analysts, economists and researchers have long debated through various theoretical and methodical studies on the issue of the neutrality of the monetary policy. Monetary policy objective is to control the macroeconomic variables like gross domestic product, inflation, and unemployment. Nonetheless the effect of the monetary policy on the above variables is indirect. The most direct and instantaneous effect of the monetary policy as the Federal funds rate is on the capital market; equity market. Bernanke and Kuttner (2005) explain the changes in monetary policy are converted to the stock market and in affect affecting the private equities portfolios – wealth, and also effecting on the cost of capital. Thorbecke (1997) presents evidence that the expected present value of future net cash flows equals the stock prices as of present. In addition Pearce and Roley (1985) explores the affects of news announcement of rates change in the economy on the stock prices. The purpose of this paper is to provide a more systematic

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Page 1: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 1 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

The Effect of Changes in the Federal Funds Rate

on the Equity Market

Irfan A. Khan

Abstract

This paper explores the relationship between Federal Fund Rates

and the Equity market, using simple regression, scatter plot and

correlation coefficient tools. The results suggest that there is positive

and linear trend through the data used from Standard and Poor’s 500

index and Federal Fund Rates.

Introduction

Financial analysts, economists and researchers have long debated through various theoretical and

methodical studies on the issue of the neutrality of the monetary policy. Monetary policy

objective is to control the macroeconomic variables like gross domestic product, inflation, and

unemployment. Nonetheless the effect of the monetary policy on the above variables is indirect.

The most direct and instantaneous effect of the monetary policy as the Federal funds rate is on

the capital market; equity market. Bernanke and Kuttner (2005) explain the changes in monetary

policy are converted to the stock market and in affect affecting the private equities portfolios –

wealth, and also effecting on the cost of capital. Thorbecke (1997) presents evidence that the

expected present value of future net cash flows equals the stock prices as of present. In addition

Pearce and Roley (1985) explores the affects of news announcement of rates change in the

economy on the stock prices. The purpose of this paper is to provide a more systematic

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understanding of the federal funds rate for the investors that determine the price changes in the

equity market.

This paper focuses and puts more light on the fluctuations or changes (increasing or decreasing)

of the federal funds rate affecting the equity market. More distinctively, the objective of this

paper is to construct and approximate the relationship between the federal funds rate and the

equity market, and then to test the implementation of this relationship as a more precise investing

tool for the price changes in the stock market in general the financial market. Other economic

variables beside money supply also play a role in forecasting or affecting the stock prices to

fluctuate.

Literature Review

An exploratory study was conducted by Homa and Jaffee (1971) on the value of econometric

techniques in forecasting the mean level of stock prices. The purpose was to develop and

estimate a relationship between the supply of money and an index of common stock prices, and

then to evaluate the implementations of this relationship as a forecasting tool in the forecasting

of investment strategies. Their theory was developed on the links between money supply and

stock market. The relationship was estimated using the techniques of regression analysis. The

estimates were based on quarterly data over the span of 1954 to 1969. The results of their study

was evaluated on two levels, the first level emphasized the evidence that a significant and

systematic relationship exists between the money supply and the equity market. The second level

emphasized what might be termed “the market test”; that would the information generated by the

equity market relationship have been of value for the investor. They concluded that more in dept

research in the area is encouraged.

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Furthermore previous studies conducted by Kraft and Kraft (1977), Hamburger and Kochin

(1972), Bernanake and Kuttner (2005), and Rogalski and Vinso (1977) also have tested the

relationship between the equity market and the monetary or money supply. Kraft and Kraft

(1977) founded no casual linkage between the money supply and the common equity markets,

through the sampling of Standard and Poor’s (S&P) Index of 500 stocks spanning from the

monthly based variables of the S&P from the period of 1955 to 1974, conducted through

regression testing. Hamburger and Kochin (1972) states their results to be doubtful that the

evidence would provide any final conclusion or answers to the question of how the equity market

is influenced by the money supply by conducting sample regression test on the Standard and

Poor’s (S&P) Index of 500 stocks spanning from the monthly based variables of the S&P from

the period of 1956 to 1970. Bernanake and Kuttner (2005) “documented a relatively strong and

consistent response of the stock market to unexpected monetary policy actions, using Federal

funds futures data to gauge policy expectations. For broad stock market gauges like the CRSP

value-weighted index, an unexpected 25-basis-point rate cut would typically lead to an increase

in stock prices on the order of 1%,” they carried out their tests by using the regression testing on

the sample which consisted of 55 target rate changes and the 77 FOMC meeting dates spreading

from the period of June 1989 to December 2002, excluding the September 17, 2001 observation,

to a total of 131 observations but only 125 came out to be useful observations when taken out the

outliers from the regression testing. Rogalski and Vinso (1977) had concluded that the common

stock prices will have a direct impact by the changes the money supply due to Federal Reserve

policies changes. They carried out their test by using the autocorrelations statistical testing

method composing of four Indexes, the Standard and Poor’s 500, Fisher’s Link Relative Index,

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Equity Market Performance Federal Funds Rate

Dow-Jones Industrial Average and the New York Stock Exchange Index, all the indexes were

based on monthly closing prices over the period of 1963 to 1974.

Broome and Morley (2000) has more precisely linked in their study the framework between the

cyclical pattern of the stock prices and interest rates, where they have concluded that there is

little evidence to be found for to have a common trend between stock prices and the interest

rates. To determine the relationship they used the method of co-integration which consisted of

the sample of monthly observations from 1980 to 1998, for the interest rate – 3 month Treasury

bill rate and for the equity market data consisted of the principle market index.

Data and Methodology

To investigate the casual relationship between federal funds rate and the equity market the most

efficient and usual way is to conduct simple regression analysis between the independent

variable federal funds rate and the dependent variable equity market in addition scatter plot test

and correlation coefficient test will also be conducted to determine the linear relationship

between the two variables. The following hypothesis and flow chart is formed for the study and

test to perform on:

Alternative hypothesis: HA μff < μem

To perform simple regression test, scatter plot test and correlation coefficient test the daily data

is obtained from Standard and Poor’s 500 index and Federal Reserve Bank of New York. The

systematic sample period starts from July 3rd 2000 because of the data availability and ends on

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June 17th 2009. Because of the significance of federal rate changes on the equity market the data

is taken on daily basis for as to obtain a more reliable result and relationship between the two.

Analysis and Results

The analysis performed and results obtained are from the data set of daily observation from the

two variables from July 2000 to June 2009 in USA. The first test conducted is through scatter

plot analysis of the data, the results from the scatter plots determines that there is a linear patter

of all the points with a positive slope, appendix A1 shows the scatter plot graph between the two

variables. The second test conducted is through correlation coefficient analysis of the data, the

results determines as can be seen appendix A2, that the correlation coefficient is 0.817. The

value of r proposes a somewhat strong positive linear correlation given that the acquired value is

positive and close to +1. Since the above r mention value determines a positive linear

correlation, therefore the data points must be more likely clustered about a positively sloping

line. Which is also reliable with results obtain from the above scatter plot test and results. The r

square coefficient determines that there is about 66.8% of the variance in the price data of the

S&P 500 Index is elucidating by Federal Fund Rates. The simple regression appears to be a

useful tool for forecasting given that the value r square is not far from 1.

Since p-value is 0.000 and setting the alpha at 0.05 level of importance, there exits enough

verification to determine that the slope of the regression line is not zero and, as a result, the

Federal Funds rate is a useful forecaster of price changes in the equity market. By setting the test

to 95% confidence interval, the results can show a 95% confident that the slope of the regression

line is anywhere in between 83.340 and 88.347, which determines that every day there is 95%

confidence that the equity prices increases anywhere from in between 88.347 and 83.340.

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Limitations

This paper only examines the relationship between Federal Fund Rates and the Standard and

Poor’s 500 Index, to get a more reliable and accurate determination of the effect of Federal Fund

Rates changes on the Equity market, one should take on more samples beside the Standard and

Poor’s 500 Index, as the Equity market consists of many other individual stocks, indices, bonds

and Exchange Traded Funds (ETF). If these all various samples of the population are taken and

analyze then the results will be more reliable and the market as a whole more predictable due to

rate changes in the Federal Fund.

Conclusion

Financial analysts, economists and researchers have long debated through various theoretical and

methodical studies on the issue of the neutrality of the monetary policy. This paper examines the

relation between the Federal Fund Rates and the Standard and Poor’s 500 index, by examining

the effect of changes in the Federal Fund Rates on the Standard and Poor’s 500 index.

In conclusion, the results signal that there is a casual and linear relationship between the Federal

Fund Rates and Standard and Poor’s 500 index by using regression, correlation coefficient and

scatter plot tools. Through the evidence obtained from the results it is evident that changes in

Federal Fund Rates has a near to strong and positive effect on the prices in the Standard and

Poor’s 500 index. Thus the results are reliable with the research hypothesis mention above. This

indicates that further study is needed in this area by analyzing various other indices response to

the Federal Fund Rates changes to determine an overall and concrete relationship between the

Federal Fund Rates and the Equity market as a whole.

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Bibliography:

[1] Bekaert G., and Wu G. (2000). Asymmetric volatility and risk in equity markets. The Review

of Financial Studies. 13(1), 1-42.

[2] Krueger J., and Kuttner K. (1996). The fed funds futures rate as a predictor of federal reserve

policy. The Journal of Futures Markets. 16(8), 865-879.

[3] Nelson D. (1991). Conditional heteroskedasticity in asset returns: A new approach.

Econometrica. 59(2), 347-370.

[4] Vahid F., and Engel F. (1993). Common trends and common cycles. Journal of Applied

Econometrics. 8(4), 341-360.

[5] Basmann L R. (1963). The causal interpretation of non-triangular systems of economic

relations. Econometrica. 31(3), 439-448.

[6] Jensen G., and Mercer, J. (2002). Monetary policy and the cross-section of expected stock

returns. Journal of Financial Research. 25(1), 125-139.

[7] Braun, P., Nelson, D., and Sunier, A. (1995). Good news, bad news, volatility, and betas.

Journal of Finance. 50(5), 1575-1603.

[8] Broome, S., and Morley, B. (2000). Long-run and short-run linkages between stock prices

and interest rates in the G-7. Applied Economics Letters. 7(5), 321-323.

[9] Kraft, J., and Kraft, A. (1977). Determinants of common stock prices: A time series analysis.

Journal of Finance. 32(2), 417-425.

[10] Smirlock, M., and Yawitz, J. (1985). Asset returns, discount rate changes, and market

efficiency. Journal of Finance. 40(4), 1141-1158.

[11] Engle, R., and Ng, V. (1993). Measuring and testing the impact of news on volatility.

Journal of Finance. 48(5), 1749-1778.

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[12] Thorbecke, W. (1997). On stock market returns and monetary policy. Journal of Finance.

52(2), 635-654.

[13] Glosten, L., Jagannathan, R., and Runkle, D. (1993). On the relation between the

expected value and the volatility of the nominal excess return on stocks. Journal of Finance.

48(5), 1779-1801.

[14] Douglas K. Pearce, and V. V. (1985). Stock prices and economic news. The Journal of

Business . 58 (1), 49-67.

[15] Kuttner, B. S. (2005). What explains the stock market's reaction to federal reserve policy?

The Journal of Finance . 60 (3), 1221-1257.

[16] Rogalski, R., and Vinso, J. (1977). Stock returns, money supply and the direction of

causality. Journal of Finance. 32(4), 1017-1030.

[17] Mckibben, W. (1972). Econometric forecasting of common stock investment returns: A

new methodology using fundamental operating data. Journal of Finance. 27(2), 371-380.

[18] Hamburger, M., and Kochin, L. (1972). Money and stock prices: The channels of

influence. Journal of Finance. 27(2), 231-249.

[19] Leroy, S. (1976). Efficient capital markets: Comment. Journal of Finance. 31(1), 139-

141.

[20] Pesando, J. (1974). The supply of money and common stock prices: Further observations

on the econometric evidence. Journal of Finance. 29(3), 909-921.

[21] K. E. Homa and D. M. Jaffee (1971). The Supply of Money and Common Stock Prices.

Journal of Finance. XXVI, 1045-1066.

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Appendix A1

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Appendix A2

Correlations

S&P 500 Index USA

Federal Fund Rates

USA

S&P 500 Index USA Pearson Correlation 1 .817

Sig. (2-tailed) .000

N 2252 2252

Federal Fund Rates USA Pearson Correlation .817 1

Sig. (2-tailed) .000

N 2252 2252

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .817a .668 .668 113.19493

a. Predictors: (Constant), Federal Fund Rates USA

b. Dependent Variable: S&P 500 Index USA

ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression 5.793E7 1 5.793E7 4521.449 .000a

Residual 2.883E7 2250 12813.091

Total 8.676E7 2251

a. Predictors: (Constant), Federal Fund Rates USA

b. Dependent Variable: S&P 500 Index USA

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Coefficientsa

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig.

95.0% Confidence Interval for B

B Std. Error Beta Lower Bound Upper Bound

1(Constant) 928.983 4.466 208.033 .000 920.226 937.740

Federal Fund Rates

USA

85.843 1.277 .817 67.242 .000 83.340 88.347

a. Dependent Variable: S&P 500 Index USA

Residuals Statisticsa

Minimum Maximum Mean Std. Deviation N

Predicted Value 935.8506 1532.4603 1182.8287 160.42722 2252

Std. Predicted Value -1.540 2.179 .000 1.000 2252

Standard Error of Predicted

Value

2.385 5.721 3.300 .700 2252

Adjusted Predicted Value 935.8994 1532.6215 1182.8403 160.43150 2252

Residual -299.87329 333.68649 .00000 113.16978 2252

Std. Residual -2.649 2.948 .000 1.000 2252

Stud. Residual -2.650 2.949 .000 1.000 2252

Deleted Residual -300.06494 333.88132 -.01155 113.26496 2252

Stud. Deleted Residual -2.654 2.954 .000 1.001 2252

Mahal. Distance .000 4.750 1.000 .897 2252

Cook's Distance .000 .004 .000 .001 2252

Centered Leverage Value .000 .002 .000 .000 2252

a. Dependent Variable: S&P 500 Index USA

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Appendix A3

Federal Fund Rates

DATE DAILY

06/17/2009* 0.24

6/16/2009 0.22

6/15/2009 0.22

6/12/2009 0.17

6/11/2009 0.17

6/10/2009 0.18

6/9/2009 0.18

6/8/2009 0.21

6/5/2009 0.21

6/4/2009 0.2

06/03/2009* 0.21

6/2/2009 0.2

6/1/2009 0.21

5/29/2009 0.19

5/28/2009 0.17

5/27/2009 0.17

5/26/2009 0.18

5/22/2009 0.17

5/21/2009 0.17

05/20/2009* 0.14

5/19/2009 0.15

5/18/2009 0.16

5/15/2009 0.17

5/14/2009 0.16

5/13/2009 0.16

5/12/2009 0.16

5/11/2009 0.17

5/8/2009 0.17

5/7/2009 0.18

05/06/2009* 0.18

5/5/2009 0.2

5/4/2009 0.22

5/1/2009 0.22

4/30/2009 0.2

4/29/2009 0.18

4/28/2009 0.16

4/27/2009 0.17

4/24/2009 0.16

4/23/2009 0.17

04/22/2009* 0.15

4/21/2009 0.15

4/20/2009 0.14

4/17/2009 0.13

4/16/2009 0.15

4/15/2009 0.16

4/14/2009 0.16

4/13/2009 0.13

4/10/2009 0.15

4/9/2009 0.14

04/08/2009* 0.14

4/7/2009 0.14

4/6/2009 0.14

4/3/2009 0.13

4/2/2009 0.16

4/1/2009 0.16

3/31/2009 0.16

3/30/2009 0.16

3/27/2009 0.15

3/26/2009 0.16

03/25/2009* 0.17

3/24/2009 0.17

3/23/2009 0.17

3/20/2009 0.18

3/19/2009 0.17

3/18/2009 0.18

3/17/2009 0.2

3/16/2009 0.2

3/13/2009 0.15

3/12/2009 0.18

03/11/2009* 0.19

3/10/2009 0.2

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3/9/2009 0.2

3/6/2009 0.2

3/5/2009 0.2

3/4/2009 0.21

3/3/2009 0.2

3/2/2009 0.22

02/27/2009r 0.22

2/26/2009 0.22

02/25/2009* 0.21

2/24/2009 0.21

2/23/2009 0.19

2/20/2009 0.2

2/19/2009 0.21

2/18/2009 0.23

2/17/2009 0.25

2/13/2009 0.22

2/12/2009 0.23

02/11/2009* 0.22

2/10/2009 0.24

2/9/2009 0.22

2/6/2009 0.23

2/5/2009 0.23

2/4/2009 0.24

2/3/2009 0.24

2/2/2009 0.24

1/30/2009 0.23

1/29/2009 0.23

01/28/2009* 0.19

1/27/2009 0.18

1/26/2009 0.19

1/23/2009 0.18

1/22/2009 0.21

1/21/2009 0.23

1/20/2009 0.2

1/16/2009 0.19

1/15/2009 0.18

01/14/2009* 0.15

1/13/2009 0.1

1/12/2009 0.1

1/9/2009 0.09

1/8/2009 0.1

1/7/2009 0.11

1/6/2009 0.09

1/5/2009 0.11

1/2/2009 0.08

12/31/2008* 0.14

12/30/2008 0.09

12/29/2008 0.1

12/26/2008 0.09

12/24/2008 0.11

12/23/2008 0.11

12/22/2008 0.11

12/19/2008r 0.11

12/18/2008 0.11

12/17/2008* 0.12

12/16/2008 0.17

12/15/2008 0.18

12/12/2008 0.15

12/11/2008 0.14

12/10/2008 0.11

12/9/2008 0.13

12/8/2008 0.12

12/5/2008 0.12

12/4/2008 0.2

12/03/2008* 0.36

12/2/2008 0.47

12/1/2008 0.52

11/28/2008 0.52

11/26/2008 0.53

11/25/2008 0.59

11/24/2008 0.62

11/21/2008 0.57

11/20/2008 0.49

11/19/2008* 0.38

11/18/2008 0.38

11/17/2008 0.37

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11/14/2008 0.34

11/13/2008 0.35

11/12/2008 0.35

11/10/2008 0.29

11/7/2008 0.27

11/6/2008 0.23

11/05/2008* 0.23

11/4/2008 0.23

11/3/2008 0.23

10/31/2008 0.22

10/30/2008 0.3

10/29/2008 0.36

10/28/2008 0.67

10/27/2008 0.92

10/24/2008 0.95

10/23/2008 0.93

10/22/2008* 0.81

10/21/2008 0.67

10/20/2008 0.7

10/17/2008 0.6

10/16/2008 0.83

10/15/2008 1.04

10/14/2008 1.1

10/10/2008 0.79

10/9/2008 1.4

10/08/2008* 2.24

10/7/2008 2.97

10/6/2008 1.96

10/3/2008 1.1

10/2/2008 0.67

10/1/2008 1.15

9/30/2008 2.03

9/29/2008 1.56

9/26/2008 1.08

9/25/2008 1.23

09/24/2008* 1.19

9/23/2008 1.46

9/22/2008 1.51

9/19/2008 1.48

9/18/2008 2.16

9/17/2008 2.8

9/16/2008 1.98

9/15/2008 2.64

9/12/2008 2.1

9/11/2008 2

09/10/2008* 2.12

9/9/2008 1.96

9/8/2008 1.92

9/5/2008 1.97

9/4/2008 1.99

9/3/2008 2.01

9/2/2008 1.96

8/29/2008 1.94

8/28/2008 1.99

08/27/2008* 1.98

8/26/2008 1.88

8/25/2008 2.01

8/22/2008 2.02

8/21/2008 2.01

8/20/2008 1.98

8/19/2008 1.94

8/18/2008 1.91

8/15/2008 2.08

8/14/2008 2.09

08/13/2008* 1.98

8/12/2008 1.95

8/11/2008 1.99

8/8/2008 2.01

8/7/2008 1.96

8/6/2008 2.01

8/5/2008 1.97

8/4/2008 1.97

8/1/2008 2.04

7/31/2008 2.09

07/30/2008* 2.03

7/29/2008 2.05

7/28/2008 2

7/25/2008 2.13

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7/24/2008 2.06

7/23/2008 2.04

7/22/2008 1.97

7/21/2008 1.98

7/18/2008 1.96

7/17/2008 2.03

07/16/2008* 1.95

7/15/2008 2.16

7/14/2008 2.06

7/11/2008 1.97

7/10/2008 2.01

7/9/2008 1.99

7/8/2008 1.97

7/7/2008 1.99

7/3/2008 1.92

07/02/2008* 1.95

7/1/2008 2.11

6/30/2008 2.47

6/27/2008 1.99

6/26/2008 2.05

6/25/2008 1.97

6/24/2008 1.93

6/23/2008 1.98

6/20/2008 1.99

6/19/2008 1.94

06/18/2008* 1.84

6/17/2008 1.87

6/16/2008 2.06

6/13/2008 2.02

6/12/2008 2.01

6/11/2008 1.95

6/10/2008 1.96

6/9/2008 2.02

6/6/2008 2.01

6/5/2008 1.98

06/04/2008* 1.98

6/3/2008 1.95

6/2/2008 2.06

5/30/2008 1.98

5/29/2008 2.01

5/28/2008 2.08

5/27/2008 2.23

5/23/2008 1.99

5/22/2008 2.05

05/21/2008* 2.03

5/20/2008 1.99

5/19/2008 1.95

5/16/2008 1.91

05/15/2008r 2.03

5/14/2008 2.03

5/13/2008 1.93

5/12/2008 1.88

5/9/2008 1.97

5/8/2008 1.99

05/07/2008* 2.01

5/6/2008 1.91

5/5/2008 1.85

5/2/2008 1.88

5/1/2008 2.16

4/30/2008 2.37

4/29/2008 2.21

4/28/2008 2.29

4/25/2008 2.28

4/24/2008 2.26

04/23/2008* 2.18

4/22/2008 1.99

4/21/2008 2.28

4/18/2008 2.32

4/17/2008 2.37

4/16/2008 2.35

4/15/2008 2.32

4/14/2008 2.32

4/11/2008 2.37

4/10/2008 2.3

04/09/2008* 2.2

4/8/2008 2.23

4/7/2008 2.24

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4/4/2008 2.26

4/3/2008 2.19

4/2/2008 2.18

4/1/2008 2.38

3/31/2008 2.51

3/28/2008 2.09

3/27/2008 2.27

03/26/2008* 2.3

3/25/2008 2.42

3/24/2008 2.08

3/21/2008 2.08

3/20/2008 2.22

3/19/2008 2.08

3/18/2008 2.16

3/17/2008 2.69

3/14/2008 2.99

3/13/2008 2.98

03/12/2008* 2.97

3/11/2008 2.95

3/10/2008 2.99

3/7/2008 2.96

3/6/2008 2.99

3/5/2008 2.93

3/4/2008 2.9

3/3/2008 3.1

2/29/2008 3.01

2/28/2008 3.06

02/27/2008* 2.93

2/26/2008 2.85

2/25/2008 3

2/22/2008 2.97

2/21/2008 3.01

2/20/2008 3

2/19/2008 2.94

2/15/2008 2.97

2/14/2008 3.03

02/13/2008* 3.02

2/12/2008 2.91

2/11/2008 2.88

2/8/2008 3.05

2/7/2008 3.03

2/6/2008 2.94

2/5/2008 2.71

2/4/2008 2.82

2/1/2008 3.12

1/31/2008 3.22

01/30/2008* 3.26

1/29/2008 3.47

1/28/2008 3.5

1/25/2008 3.6

1/24/2008 3.47

1/23/2008 3.43

1/22/2008 3.68

1/18/2008 4.17

1/17/2008 4.23

01/16/2008* 4.22

1/15/2008 4.24

1/14/2008 4.24

1/11/2008 4.23

1/10/2008 4.26

1/9/2008 4.26

1/8/2008 4.27

1/7/2008 4.27

1/4/2008 4.18

1/3/2008 4.25

01/02/2008* 4.11

12/31/2007 3.06

12/28/2007 4.01

12/27/2007 4.15

12/26/2007 4.26

12/24/2007 4

12/21/2007 4.28

12/20/2007 4.37

12/19/2007* 3.98

12/18/2007 4.16

12/17/2007 4.31

12/14/2007 4.24

12/13/2007 4.3

Page 18: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 18 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

12/12/2007 4.28

12/11/2007 4.29

12/10/2007 4.46

12/7/2007 4.41

12/6/2007 4.49

12/05/2007* 4.31

12/4/2007 4.5

12/3/2007 4.52

11/30/2007r 4.66

11/29/2007 4.55

11/28/2007 4.53

11/27/2007 4.39

11/26/2007 4.62

11/23/2007 4.56

11/21/2007* 4.5

11/20/2007 4.51

11/19/2007 4.51

11/16/2007 4.51

11/15/2007 4.54

11/14/2007 4.6

11/13/2007 4.61

11/9/2007 4.49

11/8/2007 4.58

11/07/2007* 4.39

11/6/2007 4.22

11/5/2007 4.29

11/2/2007 4.28

11/1/2007 4.59

10/31/2007 4.6

10/30/2007 4.78

10/29/2007 4.84

10/26/2007 4.8

10/25/2007 4.86

10/24/2007* 4.74

10/23/2007 4.67

10/22/2007 4.71

10/19/2007 4.77

10/18/2007 4.69

10/17/2007 4.7

10/16/2007 4.68

10/15/2007 4.81

10/12/2007 4.75

10/11/2007 4.75

10/10/2007* 4.52

10/9/2007 4.91

10/5/2007 4.77

10/4/2007 4.74

10/3/2007 4.68

10/2/2007 4.78

10/1/2007 4.92

9/28/2007 4.58

9/27/2007 4.93

09/26/2007* 4.88

9/25/2007 4.82

9/24/2007 4.74

9/21/2007 4.76

9/20/2007 4.77

9/19/2007 4.74

9/18/2007 4.92

9/17/2007 5.33

9/14/2007 5.25

9/13/2007 5.09

09/12/2007* 5.18

9/11/2007 5.06

9/10/2007 5.07

9/7/2007 4.86

9/6/2007 4.98

9/5/2007 5.18

9/4/2007 5.22

8/31/2007 4.96

8/30/2007 5

08/29/2007* 5

8/28/2007 5.3

8/27/2007 5.27

8/24/2007 5.11

8/23/2007 4.88

8/22/2007 4.77

Page 19: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 19 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

8/21/2007 4.89

8/20/2007 5.03

8/17/2007 4.91

8/16/2007 4.97

08/15/2007* 4.71

8/14/2007 4.54

8/13/2007 4.81

8/10/2007 4.68

8/9/2007 5.41

8/8/2007 5.27

8/7/2007 5.26

8/6/2007 5.26

8/3/2007 5.24

8/2/2007 5.24

08/01/2007* 5.3

7/31/2007 5.28

7/30/2007 5.29

7/27/2007 5.25

7/26/2007 5.28

7/25/2007 5.32

7/24/2007 5.25

7/23/2007 5.26

7/20/2007 5.25

7/19/2007 5.25

07/18/2007* 5.26

7/17/2007 5.28

7/16/2007 5.32

7/13/2007 5.25

7/12/2007 5.26

7/11/2007 5.24

7/10/2007 5.24

7/9/2007 5.22

7/6/2007 5.22

7/5/2007 5.25

07/03/2007* 5.24

7/2/2007 5.31

6/29/2007 5.31

6/28/2007 5.26

6/27/2007 5.26

6/26/2007 5.25

6/25/2007 5.29

6/22/2007 5.24

6/21/2007 5.26

06/20/2007* 5.27

6/19/2007 5.21

6/18/2007 5.23

6/15/2007 5.26

6/14/2007 5.28

6/13/2007 5.26

6/12/2007 5.26

6/11/2007 5.27

6/8/2007 5.26

6/7/2007 5.25

06/06/2007* 5.25

6/5/2007 5.19

6/4/2007 5.24

6/1/2007 5.23

5/31/2007 5.28

5/30/2007 5.25

5/29/2007 5.29

5/25/2007 5.29

5/24/2007 5.24

05/23/2007* 5.25

5/22/2007 5.23

5/21/2007 5.24

5/18/2007 5.24

5/17/2007 5.25

5/16/2007 5.25

5/15/2007 5.29

5/14/2007 5.26

5/11/2007 5.27

5/10/2007 5.25

05/09/2007* 5.21

5/8/2007 5.21

5/7/2007 5.24

5/4/2007 5.24

5/3/2007 5.24

5/2/2007 5.21

Page 20: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 20 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

5/1/2007 5.26

4/30/2007 5.29

4/27/2007 5.24

4/26/2007 5.24

04/25/2007* 5.19

4/24/2007 5.2

4/23/2007 5.23

4/20/2007 5.25

4/19/2007 5.23

4/18/2007 5.19

4/17/2007 5.2

4/16/2007 5.29

4/13/2007 5.25

4/12/2007 5.27

04/11/2007* 5.24

4/10/2007 5.26

4/9/2007 5.28

4/6/2007 5.3

4/5/2007 5.3

4/4/2007 5.21

4/3/2007 5.2

4/2/2007 5.25

3/30/2007 5.3

3/29/2007 5.29

03/28/2007* 5.27

3/27/2007 5.25

3/26/2007 5.28

3/23/2007 5.24

3/22/2007 5.27

3/21/2007 5.26

3/20/2007 5.26

3/19/2007 5.26

3/16/2007 5.25

3/15/2007 5.29

03/14/2007* 5.27

3/13/2007 5.25

3/12/2007 5.25

3/9/2007 5.24

3/8/2007 5.24

3/7/2007 5.24

3/6/2007 5.22

3/5/2007 5.27

3/2/2007 5.23

3/1/2007 5.31

02/28/2007* 5.41

2/27/2007 5.27

2/26/2007 5.3

2/23/2007 5.24

2/22/2007 5.26

2/21/2007 5.23

2/20/2007 5.27

2/16/2007 5.24

2/15/2007 5.29

02/14/2007* 5.27

2/13/2007 5.26

2/12/2007 5.28

2/9/2007 5.25

2/8/2007 5.25

2/7/2007 5.23

2/6/2007 5.24

2/5/2007 5.25

2/2/2007 5.24

2/1/2007 5.29

01/31/2007* 5.33

1/30/2007 5.23

1/29/2007 5.26

1/26/2007 5.26

1/25/2007 5.31

1/24/2007 5.27

1/23/2007 5.26

1/22/2007 5.24

1/19/2007 5.25

1/18/2007 5.23

01/17/2007* 5.25

1/16/2007 5.28

1/12/2007 5.22

1/11/2007 5.27

1/10/2007 5.26

Page 21: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 21 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

1/9/2007 5.25

1/8/2007 5.23

1/5/2007 5.21

1/4/2007 5.24

01/03/2007* 5.28

1/2/2007 5.3

12/29/2006 5.17

12/28/2006 5.25

12/27/2006 5.17

12/26/2006 5.29

12/22/2006 5.24

12/21/2006 5.25

12/20/2006* 5.26

12/19/2006 5.21

12/18/2006 5.21

12/15/2006 5.27

12/14/2006 5.29

12/13/2006 5.23

12/12/2006 5.23

12/11/2006 5.25

12/8/2006 5.25

12/7/2006 5.25

12/06/2006* 5.22

12/5/2006 5.21

12/4/2006 5.22

12/1/2006 5.27

11/30/2006 5.31

11/29/2006 5.26

11/28/2006 5.24

11/27/2006 5.32

11/24/2006 5.24

11/22/2006* 5.26

11/21/2006 5.29

11/20/2006 5.25

11/17/2006 5.2

11/16/2006 5.25

11/15/2006 5.29

11/14/2006 5.25

11/13/2006 5.27

11/10/2006 5.23

11/9/2006 5.23

11/08/2006* 5.22

11/7/2006 5.22

11/6/2006 5.24

11/3/2006 5.25

11/2/2006 5.22

11/1/2006 5.23

10/31/2006 5.31

10/30/2006 5.27

10/27/2006 5.23

10/26/2006 5.23

10/25/2006* 5.26

10/24/2006 5.24

10/23/2006 5.24

10/20/2006 5.25

10/19/2006 5.22

10/18/2006 5.23

10/17/2006 5.21

10/16/2006 5.28

10/13/2006 5.21

10/12/2006 5.25

10/11/2006* 5.25

10/10/2006 5.28

10/6/2006 5.22

10/05/2006r 5.23

10/4/2006 5.23

10/3/2006 5.25

10/2/2006 5.33

9/29/2006 5.34

9/28/2006 5.28

09/27/2006* 5.3

9/26/2006 5.25

9/25/2006 5.3

9/22/2006 5.27

9/21/2006 5.24

9/20/2006 5.23

9/19/2006 5.21

Page 22: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 22 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

9/18/2006 5.23

9/15/2006 5.25

9/14/2006 5.26

09/13/2006* 5.26

9/12/2006 5.21

9/11/2006 5.24

9/8/2006 5.23

9/7/2006 5.23

9/6/2006 5.21

9/5/2006 5.26

9/1/2006 5.25

8/31/2006 5.31

08/30/2006* 5.25

08/29/2006r 5.23

8/28/2006 5.25

8/25/2006 5.25

8/24/2006 5.25

8/23/2006 5.25

8/22/2006 5.24

8/21/2006 5.24

8/18/2006 5.25

08/17/2006r 5.2

08/16/2006* 5.17

8/15/2006 5.24

8/14/2006 5.26

8/11/2006 5.24

8/10/2006 5.24

8/9/2006 5.25

8/8/2006 5.26

8/7/2006 5.24

8/4/2006 5.25

8/3/2006 5.27

08/02/2006* 5.25

8/1/2006 5.27

07/31/2006r 5.31

7/28/2006 5.26

7/27/2006 5.27

7/26/2006 5.24

7/25/2006 5.24

7/24/2006 5.24

7/21/2006 5.23

7/20/2006 5.24

07/19/2006* 5.23

7/18/2006 5.22

7/17/2006 5.28

7/14/2006 5.26

7/13/2006 5.26

7/12/2006 5.27

7/11/2006 5.25

7/10/2006 5.24

7/7/2006 5.22

7/6/2006 5.24

07/05/2006* 5.25

7/3/2006 5.25

6/30/2006 5.05

6/29/2006 5.08

6/28/2006 5.06

6/27/2006 5.02

6/26/2006 5.03

6/23/2006 4.98

6/22/2006 4.98

06/21/2006* 4.91

6/20/2006 4.92

6/19/2006 4.95

6/16/2006 4.94

6/15/2006 5.02

6/14/2006 5

6/13/2006 5

6/12/2006 5.01

6/9/2006 5

6/8/2006 5.02

06/07/2006* 4.99

6/6/2006 4.99

6/5/2006 5.01

6/2/2006 4.97

Page 23: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 23 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

6/1/2006 5.02

5/31/2006 5.05

5/30/2006 5.02

5/26/2006 4.99

5/25/2006 5.01

05/24/2006* 4.9

5/23/2006 4.94

5/22/2006 5

5/19/2006 5

5/18/2006 5

5/17/2006 4.96

5/16/2006 4.98

5/15/2006 5.01

5/12/2006 5.01

5/11/2006 4.99

05/10/2006* 4.88

5/9/2006 4.78

5/8/2006 4.88

5/5/2006 4.83

5/4/2006 4.83

5/3/2006 4.81

5/2/2006 4.79

5/1/2006 4.84

4/28/2006 4.86

4/27/2006 4.79

04/26/2006* 4.73

4/25/2006 4.74

4/24/2006 4.77

4/21/2006 4.74

4/20/2006 4.73

4/19/2006 4.7

4/18/2006 4.72

4/17/2006 4.78

4/14/2006 4.8

4/13/2006 4.82

04/12/2006* 4.78

4/11/2006 4.74

4/10/2006 4.78

4/7/2006 4.76

4/6/2006 4.76

4/5/2006 4.76

4/4/2006 4.76

4/3/2006 4.87

3/31/2006 5

3/30/2006 4.76

03/29/2006* 4.69

3/28/2006 4.7

3/27/2006 4.77

3/24/2006 4.69

3/23/2006 4.64

3/22/2006 4.58

3/21/2006 4.54

3/20/2006 4.55

3/17/2006 4.6

3/16/2006 4.55

03/15/2006r* 4.47

3/14/2006 4.51

3/13/2006 4.52

3/10/2006 4.51

3/9/2006 4.51

3/8/2006 4.51

3/7/2006 4.51

3/6/2006 4.51

3/3/2006 4.51

3/2/2006 4.5

03/01/2006* 4.52

2/28/2006 4.52

2/27/2006 4.52

2/24/2006 4.48

2/23/2006 4.47

2/22/2006 4.49

2/21/2006 4.54

2/17/2006 4.48

2/16/2006 4.48

02/15/2006* 4.5

2/14/2006 4.45

2/13/2006 4.44

2/10/2006 4.51

Page 24: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 24 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

2/9/2006 4.52

2/8/2006 4.48

2/7/2006 4.47

2/6/2006 4.51

2/3/2006 4.51

2/2/2006 4.48

02/01/2006* 4.47

1/31/2006 4.47

1/30/2006 4.48

1/27/2006 4.42

1/26/2006 4.37

1/25/2006 4.36

1/24/2006 4.28

1/23/2006 4.26

1/20/2006 4.24

1/19/2006 4.23

01/18/2006* 4.24

1/17/2006 4.32

1/13/2006 4.3

1/12/2006 4.28

1/11/2006 4.24

1/10/2006 4.24

1/9/2006 4.25

1/6/2006 4.22

1/5/2006 4.24

01/04/2006* 4.22

1/3/2006 4.34

12/30/2005 4.09

12/29/2005 4.18

12/28/2005 4.19

12/27/2005 4.26

12/23/2005 4.21

12/22/2005 4.25

12/21/2005* 4.08

12/20/2005 4.3

12/19/2005 4.25

12/16/2005 4.25

12/15/2005 4.29

12/14/2005 4.26

12/13/2005 4.23

12/12/2005 4.24

12/9/2005 4.16

12/8/2005 4.09

12/07/2005* 3.98

12/6/2005 3.97

12/5/2005 4.02

12/2/2005 4

12/1/2005 4.03

11/30/2005 4.03

11/29/2005 3.99

11/28/2005 4.01

11/25/2005 4.03

11/23/2005* 4.01

11/22/2005 3.99

11/21/2005 4.03

11/18/2005 4

11/17/2005 3.98

11/16/2005 3.96

11/15/2005 3.97

11/14/2005 4.03

11/10/2005 3.98

11/09/2005* 4.02

11/8/2005 3.95

11/7/2005 3.99

11/4/2005 4

11/3/2005 4.01

11/2/2005 3.99

11/1/2005 3.99

10/31/2005 4.02

10/28/2005 3.9

10/27/2005 3.85

10/26/2005* 3.75

10/25/2005 3.74

10/24/2005 3.76

10/21/2005 3.76

10/20/2005 3.77

10/19/2005 3.71

10/18/2005 3.71

Page 25: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 25 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

10/17/2005 3.82

10/14/2005 3.77

10/13/2005 3.75

10/12/2005* 3.36

10/11/2005 3.72

10/7/2005 3.73

10/6/2005 3.76

10/5/2005 3.75

10/4/2005 3.75

10/3/2005 3.87

9/30/2005 3.93

9/29/2005 3.82

09/28/2005* 3.76

9/27/2005 3.73

9/26/2005 3.83

9/23/2005 3.76

9/22/2005 3.77

9/21/2005 3.72

9/20/2005 3.67

9/19/2005 3.62

9/16/2005 3.62

9/15/2005 3.67

09/14/2005* 3.54

9/13/2005 3.45

9/12/2005 3.5

9/9/2005 3.49

9/8/2005 3.49

9/7/2005 3.48

9/6/2005 3.57

9/2/2005 3.49

9/1/2005 3.57

08/31/2005* 3.63

8/30/2005 3.52

8/29/2005 3.54

8/26/2005 3.54

8/25/2005 3.55

8/24/2005 3.5

8/23/2005 3.49

8/22/2005 3.51

8/19/2005 3.54

8/18/2005 3.5

08/17/2005* 3.57

8/16/2005 3.46

8/15/2005 3.61

8/12/2005 3.55

8/11/2005 3.51

8/10/2005 3.48

08/09/2005r 3.47

8/8/2005 3.5

8/5/2005 3.49

8/4/2005 3.44

08/03/2005* 3.35

8/2/2005 3.2

8/1/2005 3.3

7/29/2005 3.31

7/28/2005 3.27

7/27/2005 3.27

7/26/2005 3.25

7/25/2005 3.28

7/22/2005 3.25

7/21/2005 3.27

07/20/2005* 3.25

7/19/2005 3.13

7/18/2005 3.19

7/15/2005 3.32

7/14/2005 3.32

7/13/2005 3.27

7/12/2005 3.23

7/11/2005 3.23

7/8/2005 3.22

7/7/2005 3.18

07/06/2005* 2.99

7/5/2005 3.27

07/01/2005r 3.36

6/30/2005 3.35

6/29/2005 3.2

Page 26: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 26 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

6/28/2005 3.17

6/27/2005 3.17

6/24/2005 3.07

6/23/2005 3.05

06/22/2005* 2.93

6/21/2005 2.96

6/20/2005 3.01

6/17/2005 2.99

06/16/2005r 3

6/15/2005 3.05

6/14/2005 3.01

6/13/2005 3.04

06/10/2005r 3.01

06/09/2005r 3.01

06/08/2005* 2.96

6/7/2005 2.96

6/6/2005 3

6/3/2005 2.99

6/2/2005 3

6/1/2005 3.02

5/31/2005 3.09

5/27/2005 3.01

5/26/2005 3.01

05/25/2005* 3.01

5/24/2005 2.99

5/23/2005 3.01

05/20/2005r 3.01

5/19/2005 3.02

5/18/2005 3

5/17/2005 2.99

5/16/2005 3.06

5/13/2005 3.01

5/12/2005 3.01

05/11/2005* 2.99

5/10/2005 2.99

5/9/2005 2.99

5/6/2005 2.98

5/5/2005 2.99

5/4/2005 2.99

5/3/2005 2.95

5/2/2005 2.98

4/29/2005 2.97

4/28/2005 2.89

04/27/2005* 2.63

4/26/2005 2.78

4/25/2005 2.82

4/22/2005 2.74

4/21/2005 2.75

4/20/2005 2.74

4/19/2005 2.74

4/18/2005 2.75

4/15/2005 2.82

4/14/2005 2.79

04/13/2005* 2.76

4/12/2005 2.77

4/11/2005 2.78

4/8/2005 2.75

4/7/2005 2.76

4/6/2005 2.73

4/5/2005 2.72

4/4/2005 2.78

4/1/2005 2.83

3/31/2005 2.96

03/30/2005* 2.74

3/29/2005 2.72

3/28/2005 2.79

3/25/2005 2.8

3/24/2005 2.75

3/23/2005 2.73

3/22/2005 2.72

3/21/2005 2.71

3/18/2005 2.7

3/17/2005 2.68

03/16/2005* 2.57

Page 27: The Effect of Changes in the Federal Funds Rate on the Equity Market

Page 27 of 69

Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

03/15/2005r 2.61

3/14/2005 2.59

3/11/2005 2.51

3/10/2005 2.52

3/9/2005 2.5

3/8/2005 2.49

3/7/2005 2.51

3/4/2005 2.5

3/3/2005 2.51

03/02/2005* 2.48

3/1/2005 2.39

2/28/2005 2.52

2/25/2005 2.54

2/24/2005 2.55

2/23/2005 2.53

2/22/2005 2.57

2/18/2005 2.51

2/17/2005 2.5

02/16/2005* 2.48

2/15/2005 2.53

2/14/2005 2.51

2/11/2005 2.5

2/10/2005 2.51

2/9/2005 2.5

2/8/2005 2.48

2/7/2005 2.5

02/04/2005r 2.51

2/3/2005 2.49

02/02/2005* 2.29

2/1/2005 2.4

1/31/2005 2.5

1/28/2005 2.48

1/27/2005 2.39

1/26/2005 2.33

1/25/2005 2.29

1/24/2005 2.26

1/21/2005 2.26

1/20/2005 2.25

01/19/2005* 2.19

1/18/2005 2.31

1/14/2005 2.29

1/13/2005 2.29

1/12/2005 2.25

1/11/2005 2.24

1/10/2005 2.26

1/7/2005 2.24

1/6/2005 2.25

01/05/2005* 2.25

1/4/2005 2.25

1/3/2005 2.31

12/31/2004 1.97

12/30/2004 2.24

12/29/2004 2.23

12/28/2004 2.24

12/27/2004 2.24

12/24/2004 2.27

12/23/2004 2.34

12/22/2004* 2.25

12/21/2004 2.24

12/20/2004 2.26

12/17/2004 2.23

12/16/2004 2.26

12/15/2004 2.31

12/14/2004 2.24

12/13/2004 2.18

12/10/2004 2.09

12/9/2004 2.05

12/08/2004* 2.01

12/7/2004 1.99

12/6/2004 2.04

12/3/2004 1.98

12/2/2004 2

12/1/2004 2.04

11/30/2004 2.02

11/29/2004 2.03

11/26/2004 2.01

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11/24/2004* 2.02

11/23/2004 2

11/22/2004 2.01

11/19/2004 1.99

11/18/2004 1.99

11/17/2004 1.99

11/16/2004 1.98

11/15/2004 2.06

11/12/2004 2.02

11/10/2004* 1.92

11/9/2004 1.79

11/8/2004 1.8

11/5/2004 1.76

11/4/2004 1.77

11/3/2004 1.73

11/2/2004 1.74

11/1/2004 1.83

10/29/2004 1.79

10/28/2004 1.79

10/27/2004* 1.77

10/26/2004 1.72

10/25/2004 1.76

10/22/2004 1.72

10/21/2004 1.76

10/20/2004 1.74

10/19/2004 1.72

10/18/2004 1.73

10/15/2004 1.79

10/14/2004 1.77

10/13/2004* 1.73

10/12/2004 1.78

10/8/2004 1.71

10/7/2004 1.76

10/6/2004 1.74

10/5/2004 1.73

10/4/2004 1.77

10/1/2004 1.86

9/30/2004 1.94

09/29/2004* 1.76

9/28/2004 1.72

9/27/2004 1.76

9/24/2004 1.76

9/23/2004 1.8

9/22/2004 1.78

9/21/2004 1.7

9/20/2004 1.64

9/17/2004 1.58

9/16/2004 1.61

09/15/2004* 1.57

9/14/2004 1.4

9/13/2004 1.51

9/10/2004 1.48

9/9/2004 1.49

9/8/2004 1.51

9/7/2004 1.54

9/3/2004 1.48

9/2/2004 1.51

09/01/2004* 1.53

8/31/2004 1.55

8/30/2004 1.54

8/27/2004 1.52

8/26/2004 1.55

8/25/2004 1.55

8/24/2004 1.51

8/23/2004 1.51

8/20/2004 1.5

8/19/2004 1.5

08/18/2004* 1.39

8/17/2004 1.2

8/16/2004 1.43

8/13/2004 1.48

8/12/2004 1.51

8/11/2004 1.5

8/10/2004 1.43

8/9/2004 1.35

8/6/2004 1.32

8/5/2004 1.3

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

08/04/2004* 1.22

8/3/2004 1.24

8/2/2004 1.28

7/30/2004 1.29

7/29/2004 1.3

7/28/2004 1.29

7/27/2004 1.27

7/26/2004 1.27

7/23/2004 1.25

7/22/2004 1.26

07/21/2004* 1.25

7/20/2004 1.25

7/19/2004 1.25

7/16/2004 1.24

7/15/2004 1.3

7/14/2004 1.24

7/13/2004 1.24

7/12/2004 1.26

7/9/2004 1.24

7/8/2004 1.26

07/07/2004* 1.26

7/6/2004 1.3

7/2/2004 1.25

7/1/2004 1.4

6/30/2004 1.38

6/29/2004 1.13

6/28/2004 1.09

6/25/2004 1.05

6/24/2004 1.03

06/23/2004r* 1.02

6/22/2004 1

6/21/2004 1

6/18/2004 1

6/17/2004 1.01

6/16/2004 1

6/15/2004 1.03

6/14/2004 1.02

6/11/2004 1

6/10/2004 1

06/09/2004* 0.99

6/8/2004 0.97

6/7/2004 0.99

6/4/2004 0.99

6/3/2004 0.99

6/2/2004 0.98

6/1/2004 1.02

5/28/2004 1.02

5/27/2004 1

05/26/2004* 0.99

5/25/2004 1

5/24/2004 1

5/21/2004 0.99

5/20/2004 1

5/19/2004 1

5/18/2004 1

5/17/2004 1.05

5/14/2004 1.02

5/13/2004 1

05/12/2004* 0.98

5/11/2004 0.96

5/10/2004 1

5/7/2004 0.99

5/6/2004 1

5/5/2004 0.99

5/4/2004 1

5/3/2004 1.03

4/30/2004 1.03

4/29/2004 1.03

04/28/2004* 1.01

4/27/2004 0.99

4/26/2004 1.01

4/23/2004 0.99

4/22/2004 1

4/21/2004 0.99

4/20/2004 0.99

4/19/2004 1

4/16/2004 0.99

4/15/2004 1.03

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

04/14/2004* 1.01

4/13/2004 1

4/12/2004 1

4/9/2004 1.01

4/8/2004 1.02

4/7/2004 1

4/6/2004 1

4/5/2004 1.01

4/2/2004 1

4/1/2004 1.03

03/31/2004* 1.05

3/30/2004 0.98

3/29/2004 1

3/26/2004 1

3/25/2004 1.02

3/24/2004 0.99

3/23/2004 0.99

3/22/2004 1.01

3/19/2004 0.99

3/18/2004 1

03/17/2004* 1

3/16/2004 0.99

3/15/2004 1.05

3/12/2004 0.99

3/11/2004 1.01

3/10/2004 1

3/9/2004 0.99

3/8/2004 1

3/5/2004 1

3/4/2004 0.99

03/03/2004* 1

3/2/2004 1

3/1/2004 1.04

2/27/2004 1.04

2/26/2004 1.03

2/25/2004 1.02

2/24/2004 0.99

2/23/2004 1

2/20/2004 0.99

2/19/2004 1

02/18/2004* 1

2/17/2004 1.02

2/13/2004 1.01

2/12/2004 1.02

2/11/2004 1

2/10/2004 1

2/9/2004 1.01

2/6/2004 0.99

2/5/2004 1.01

02/04/2004* 1

2/3/2004 0.97

2/2/2004 1.01

1/30/2004 1.03

1/29/2004 1

1/28/2004 0.99

1/27/2004 1.02

1/26/2004 1.08

1/23/2004 1

1/22/2004 1.02

01/21/2004* 1

1/20/2004 1.02

1/16/2004 0.98

1/15/2004 1.04

1/14/2004 1.01

1/13/2004 0.99

1/12/2004 1

1/9/2004 0.99

1/8/2004 0.99

01/07/2004* 0.94

1/6/2004 0.92

1/5/2004 0.97

1/2/2004 1.01

12/31/2003 0.94

12/30/2003 0.93

12/29/2003 0.98

12/26/2003 0.97

12/24/2003* 0.97

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

12/23/2003 1

12/22/2003 1.02

12/19/2003 0.98

12/18/2003 1.01

12/17/2003 0.99

12/16/2003 0.99

12/15/2003 1.04

12/12/2003 0.99

12/11/2003 0.99

12/10/2003* 0.99

12/9/2003 0.97

12/8/2003 0.99

12/5/2003 0.98

12/4/2003 0.99

12/3/2003 0.98

12/2/2003 0.97

12/1/2003 1.03

11/28/2003 1.01

11/26/2003* 1.01

11/25/2003 1.02

11/24/2003 0.98

11/21/2003 0.98

11/20/2003 1

11/19/2003 0.98

11/18/2003 0.98

11/17/2003 1.04

11/14/2003 0.98

11/13/2003 0.99

11/12/2003* 1

11/10/2003 0.99

11/7/2003 0.98

11/6/2003 1

11/5/2003 0.98

11/4/2003 0.98

11/3/2003 1.02

10/31/2003 1.03

10/30/2003 1.02

10/29/2003* 0.97

10/28/2003 0.98

10/27/2003 1.03

10/24/2003 1.01

10/23/2003 1.02

10/22/2003 0.99

10/21/2003 0.99

10/20/2003 1.02

10/17/2003 0.98

10/16/2003 1.04

10/15/2003* 1.09

10/14/2003 1.08

10/10/2003 1

10/9/2003 1.02

10/8/2003 0.99

10/7/2003 0.98

10/6/2003 0.99

10/3/2003 0.99

10/2/2003 1.02

10/01/2003* 1.11

9/30/2003 1.17

9/29/2003 1.04

9/26/2003 1.03

9/25/2003 1.08

9/24/2003 1.03

9/23/2003 1.01

9/22/2003 1.02

9/19/2003 0.99

9/18/2003 1

09/17/2003* 0.97

9/16/2003 0.97

9/15/2003 1.11

9/12/2003 1.02

9/11/2003 1

9/10/2003 0.95

9/9/2003 0.95

9/8/2003 0.99

9/5/2003 0.96

9/4/2003 0.98

09/03/2003* 0.96

9/2/2003 1.06

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

8/29/2003 1.01

8/28/2003 1.04

8/27/2003 0.98

8/26/2003 1

8/25/2003 1.04

8/22/2003 0.99

8/21/2003 1.01

08/20/2003* 0.89

8/19/2003 0.93

8/18/2003 1.03

8/15/2003 1.39

08/14/2003r 1.22

8/13/2003 1.01

8/12/2003 0.99

8/11/2003 1.02

8/8/2003 0.96

8/7/2003 0.95

08/06/2003* 0.88

8/5/2003 0.86

8/4/2003 1

8/1/2003 1

7/31/2003 1.04

7/30/2003 1.03

7/29/2003 1.04

7/28/2003 1.05

7/25/2003 1.03

7/24/2003 1.04

07/23/2003* 1.05

7/22/2003 1

7/21/2003 1.02

7/18/2003 0.99

7/17/2003 1.02

7/16/2003 1.01

7/15/2003 1.13

7/14/2003 1.07

7/11/2003 0.98

7/10/2003 1

07/09/2003* 0.96

7/8/2003 0.93

7/7/2003 1

7/3/2003 0.96

7/2/2003 1.01

7/1/2003 1.11

6/30/2003 1.45

6/27/2003 1.08

6/26/2003 1.1

06/25/2003r* 1.18

6/24/2003 1.15

6/23/2003 1.21

6/20/2003 1.23

6/19/2003 1.22

6/18/2003 1.22

6/17/2003 1.24

6/16/2003 1.33

6/13/2003 1.24

6/12/2003 1.25

06/11/2003* 1.25

6/10/2003 1.22

6/9/2003 1.25

6/6/2003 1.24

6/5/2003 1.26

6/4/2003 1.22

6/3/2003 1.21

6/2/2003 1.27

5/30/2003 1.28

5/29/2003 1.29

05/28/2003* 1.29

5/27/2003 1.32

5/23/2003 1.21

5/22/2003 1.25

5/21/2003 1.23

5/20/2003 1.23

5/19/2003 1.26

5/16/2003 1.26

5/15/2003 1.36

05/14/2003* 1.3

5/13/2003 1.23

Page 33: The Effect of Changes in the Federal Funds Rate on the Equity Market

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

5/12/2003 1.25

5/9/2003 1.24

5/8/2003 1.27

5/7/2003 1.28

5/6/2003 1.28

5/5/2003 1.27

5/2/2003 1.24

5/1/2003 1.3

04/30/2003* 1.31

4/29/2003 1.27

4/28/2003 1.29

4/25/2003 1.28

4/24/2003 1.24

4/23/2003 1.24

4/22/2003 1.26

4/21/2003 1.29

4/18/2003 1.24

4/17/2003 1.28

04/16/2003* 1.26

4/15/2003 1.34

4/14/2003 1.32

4/11/2003 1.24

4/10/2003 1.27

4/9/2003 1.24

4/8/2003 1.22

4/7/2003 1.25

4/4/2003 1.22

4/3/2003 1.24

04/02/2003* 1.19

4/1/2003 1.29

3/31/2003 1.38

3/28/2003 1.26

3/27/2003 1.29

3/26/2003 1.26

3/25/2003 1.24

3/24/2003 1.23

3/21/2003 1.2

3/20/2003 1.23

03/19/2003* 1.2

3/18/2003 1.2

3/17/2003 1.31

3/14/2003 1.3

3/13/2003 1.31

3/12/2003 1.23

3/11/2003 1.21

3/10/2003 1.23

3/7/2003 1.2

3/6/2003 1.23

03/05/2003* 1.22

3/4/2003 1.2

3/3/2003 1.33

2/28/2003 1.33

2/27/2003 1.31

2/26/2003 1.28

2/25/2003 1.28

2/24/2003 1.25

2/21/2003 1.21

2/20/2003 1.25

02/19/2003* 1.24

2/18/2003 1.35

2/14/2003 1.3

2/13/2003 1.28

2/12/2003 1.23

2/11/2003 1.22

2/10/2003 1.25

2/7/2003 1.21

2/6/2003 1.23

02/05/2003* 1.21

2/4/2003 1.21

2/3/2003 1.3

1/31/2003 1.33

1/30/2003 1.29

1/29/2003 1.26

1/28/2003 1.23

1/27/2003 1.3

1/24/2003 1.21

1/23/2003 1.27

01/22/2003* 1.26

Page 34: The Effect of Changes in the Federal Funds Rate on the Equity Market

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

1/21/2003 1.31

1/17/2003 1.2

1/16/2003 1.24

1/15/2003 1.3

1/14/2003 1.24

1/13/2003 1.26

1/10/2003 1.25

1/9/2003 1.29

01/08/2003* 1.29

1/7/2003 1.2

1/6/2003 1.22

1/3/2003 1.12

1/2/2003 1.3

12/31/2002 1.16

12/30/2002 1.23

12/27/2002 1.2

12/26/2002 1.28

12/24/2002* 1.15

12/23/2002 1.28

12/20/2002 1.26

12/19/2002 1.28

12/18/2002 1.25

12/17/2002 1.26

12/16/2002 1.36

12/13/2002 1.25

12/12/2002 1.29

12/11/2002* 1.29

12/10/2002 1.22

12/9/2002 1.22

12/6/2002 1.21

12/5/2002 1.24

12/4/2002 1.23

12/3/2002 1.24

12/2/2002 1.27

11/29/2002 1.23

11/27/2002* 1.27

11/26/2002 1.26

11/25/2002 1.32

11/22/2002 1.25

11/21/2002 1.27

11/20/2002 1.23

11/19/2002 1.2

11/18/2002 1.21

11/15/2002 1.35

11/14/2002 1.29

11/13/2002* 1.17

11/12/2002 1.29

11/8/2002 1.18

11/7/2002 1.27

11/6/2002 1.48

11/5/2002 1.64

11/4/2002 1.71

11/1/2002 1.74

10/31/2002 1.82

10/30/2002* 1.72

10/29/2002 1.75

10/28/2002 1.79

10/25/2002 1.82

10/24/2002 1.8

10/23/2002 1.76

10/22/2002 1.71

10/21/2002 1.73

10/18/2002 1.71

10/17/2002 1.74

10/16/2002* 1.73

10/15/2002 1.88

10/11/2002 1.73

10/10/2002 1.75

10/9/2002 1.73

10/8/2002 1.72

10/7/2002 1.74

10/4/2002 1.72

10/3/2002 1.76

10/02/2002* 1.75

10/1/2002 1.85

9/30/2002 1.85

9/27/2002 1.78

9/26/2002 1.8

Page 35: The Effect of Changes in the Federal Funds Rate on the Equity Market

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

9/25/2002 1.79

9/24/2002 1.75

9/23/2002 1.74

9/20/2002 1.7

9/19/2002 1.69

09/18/2002* 1.68

9/17/2002 1.72

9/16/2002 1.83

9/13/2002 1.72

9/12/2002 1.74

9/11/2002 1.72

9/10/2002 1.74

9/9/2002 1.76

9/6/2002 1.71

9/5/2002 1.75

09/04/2002* 1.74

9/3/2002 1.87

8/30/2002 1.81

8/29/2002 1.82

8/28/2002 1.8

8/27/2002 1.79

8/26/2002 1.81

8/23/2002 1.72

8/22/2002 1.73

08/21/2002* 1.72

8/20/2002 1.7

8/19/2002 1.72

8/16/2002 1.7

8/15/2002 1.87

8/14/2002 1.78

8/13/2002 1.74

8/12/2002 1.76

8/9/2002 1.68

8/8/2002 1.71

08/07/2002* 1.71

8/6/2002 1.74

8/5/2002 1.77

8/2/2002 1.72

8/1/2002 1.79

7/31/2002 1.76

7/30/2002 1.71

7/29/2002 1.75

7/26/2002 1.69

7/25/2002 1.75

07/24/2002* 1.67

7/23/2002 1.73

7/22/2002 1.77

7/19/2002 1.72

7/18/2002 1.74

7/17/2002 1.71

7/16/2002 1.72

7/15/2002 1.83

7/12/2002 1.71

7/11/2002 1.76

07/10/2002* 1.74

7/9/2002 1.72

7/8/2002 1.75

7/5/2002 1.72

7/3/2002 1.71

7/2/2002 1.72

7/1/2002 1.83

6/28/2002 1.73

6/27/2002 1.81

06/26/2002* 1.78

6/25/2002 1.75

6/24/2002 1.77

6/21/2002 1.74

6/20/2002 1.75

6/19/2002 1.69

6/18/2002 1.71

6/17/2002 1.82

6/14/2002 1.75

6/13/2002 1.76

06/12/2002* 1.75

6/11/2002 1.72

6/10/2002 1.76

6/7/2002 1.73

6/6/2002 1.75

Page 36: The Effect of Changes in the Federal Funds Rate on the Equity Market

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

6/5/2002 1.7

6/4/2002 1.73

6/3/2002 1.83

5/31/2002 1.79

5/30/2002 1.8

05/29/2002* 1.79

5/28/2002 1.88

5/24/2002 1.75

5/23/2002 1.76

5/22/2002 1.73

5/21/2002 1.68

5/20/2002 1.72

5/17/2002 1.7

5/16/2002 1.76

05/15/2002* 1.84

5/14/2002 1.69

5/13/2002 1.75

5/10/2002 1.74

5/9/2002 1.74

5/8/2002 1.71

5/7/2002 1.72

5/6/2002 1.75

5/3/2002 1.73

5/2/2002 1.79

05/01/2002* 1.88

4/30/2002 1.82

4/29/2002 1.81

4/26/2002 1.79

4/25/2002 1.82

4/24/2002 1.76

4/23/2002 1.71

4/22/2002 1.73

4/19/2002 1.67

4/18/2002 1.71

04/17/2002* 1.73

4/16/2002 1.68

4/15/2002 1.84

4/12/2002 1.79

4/11/2002 1.83

4/10/2002 1.73

4/9/2002 1.68

4/8/2002 1.72

4/5/2002 1.7

4/4/2002 1.74

04/03/2002* 1.81

4/2/2002 1.74

4/1/2002 1.88

3/29/2002 1.74

3/28/2002 1.77

3/27/2002 1.69

3/26/2002 1.71

3/25/2002 1.75

3/22/2002 1.68

3/21/2002 1.74

03/20/2002* 1.78

3/19/2002 1.67

3/18/2002 1.71

3/15/2002 1.8

3/14/2002 1.79

3/13/2002 1.73

3/12/2002 1.68

3/11/2002 1.75

3/8/2002 1.69

3/7/2002 1.77

03/06/2002* 1.71

3/5/2002 1.63

3/4/2002 1.68

3/1/2002 1.78

2/28/2002 1.83

2/27/2002 1.76

2/26/2002 1.77

2/25/2002 1.8

2/22/2002 1.71

2/21/2002 1.77

02/20/2002* 1.76

2/19/2002 1.77

2/18/2002 1.73

2/15/2002 1.73

Page 37: The Effect of Changes in the Federal Funds Rate on the Equity Market

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Prepared by Irfan Ali Khan (2009) and the property of American University in Dubai

2/14/2002 1.81

2/13/2002 1.75

2/12/2002 1.72

2/11/2002 1.76

2/8/2002 1.69

2/7/2002 1.74

02/06/2002* 1.66

2/5/2002 1.64

2/4/2002 1.74

2/1/2002 1.77

1/31/2002 1.85

1/30/2002 1.78

1/29/2002 1.78

1/28/2002 1.79

1/25/2002 1.78

1/24/2002 1.8

01/23/2002* 1.81

1/22/2002 1.84

1/18/2002 1.71

1/17/2002 1.68

1/16/2002 1.69

1/15/2002 1.75

1/14/2002 1.78

1/11/2002 1.71

1/10/2002 1.81

01/09/2002* 1.74

1/8/2002 1.61

1/7/2002 1.61

1/4/2002 1.61

1/3/2002 1.72

1/2/2002 1.92

12/31/2001 1.52

12/28/2001 1.54

12/27/2001 1.85

12/26/2001* 1.89

12/24/2001 1.68

12/21/2001 1.78

12/20/2001 1.79

12/19/2001 1.71

12/18/2001 1.71

12/17/2001 1.93

12/14/2001 1.88

12/13/2001 1.86

12/12/2001* 1.81

12/11/2001 1.8

12/10/2001 1.9

12/7/2001 1.92

12/6/2001 1.87

12/5/2001 1.89

12/4/2001 1.93

12/3/2001 2.05

11/30/2001 2.06

11/29/2001 2.09

11/28/2001* 2.04

11/27/2001r 2.01

11/26/2001 2.04

11/23/2001 1.88

11/21/2001 1.93

11/20/2001 1.97

11/19/2001 2.01

11/16/2001 1.98

11/15/2001 2.22

11/14/2001* 2.16

11/13/2001 2.1

11/9/2001 1.98

11/8/2001 2.03

11/7/2001 2.04

11/6/2001 2.13

11/5/2001 2.45

11/2/2001 2.43

11/1/2001 2.61

10/31/2001* 2.66

10/30/2001 2.55

10/29/2001 2.55

10/26/2001 2.51

10/25/2001 2.54

10/24/2001 2.53

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10/23/2001 2.48

10/22/2001 2.52

10/19/2001 2.47

10/18/2001 2.5

10/17/2001* 2.51

10/16/2001 2.47

10/15/2001 2.51

10/12/2001 2.39

10/11/2001 2.42

10/10/2001 2.42

10/9/2001 2.5

10/5/2001 2.42

10/4/2001 2.45

10/03/2001* 2.27

10/2/2001 2.35

10/1/2001 3.02

9/28/2001 2.75

9/27/2001 3.08

9/26/2001 2.96

9/25/2001 3.11

9/24/2001 3.31

9/21/2001 3.11

9/20/2001 2.22

09/19/2001* 1.19

9/18/2001 1.25

9/17/2001 2.13

9/14/2001 3.13

9/13/2001 3.31

9/12/2001 3.56

9/11/2001 3.5

9/10/2001 3.5

9/7/2001 3.44

9/6/2001 3.52

09/05/2001* 3.49

9/4/2001 3.67

8/31/2001 3.66

8/30/2001 3.58

8/29/2001 3.5

8/28/2001 3.5

8/27/2001 3.54

8/24/2001 3.51

8/23/2001 3.55

08/22/2001* 3.51

8/21/2001 3.53

8/20/2001 3.64

8/17/2001 3.66

8/16/2001 3.75

8/15/2001 3.83

8/14/2001 3.76

8/13/2001 3.79

8/10/2001 3.7

8/9/2001 3.77

08/08/2001* 3.75

8/7/2001 3.69

8/6/2001 3.73

8/3/2001 3.69

8/2/2001 3.68

8/1/2001 3.79

7/31/2001 3.82

7/30/2001 3.79

7/27/2001 3.75

7/26/2001 3.87

07/25/2001* 3.89

7/24/2001 3.82

7/23/2001 3.82

7/20/2001 3.8

7/19/2001 3.77

7/18/2001 3.73

7/17/2001 3.71

7/16/2001 3.82

7/13/2001 3.75

7/12/2001 3.78

07/11/2001* 3.78

7/10/2001 3.71

7/9/2001 3.67

7/6/2001 3.6

7/5/2001 3.72

7/3/2001 3.69

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07/02/2001r 4.11

6/29/2001 3.95

6/28/2001 3.86

06/27/2001* 3.68

6/26/2001 3.75

6/25/2001 3.97

6/22/2001 3.98

6/21/2001 4.02

6/20/2001 3.98

6/19/2001 3.91

6/18/2001 3.91

6/15/2001 3.94

6/14/2001 4.03

06/13/2001* 4.04

6/12/2001 3.98

6/11/2001 4.03

6/8/2001 4.02

6/7/2001 3.92

6/6/2001 3.91

6/5/2001 3.93

6/4/2001 4.03

6/1/2001 4.14

5/31/2001 4.24

05/30/2001* 4.05

5/29/2001 4.09

5/25/2001 3.94

5/24/2001 3.98

5/23/2001 3.97

5/22/2001 3.99

5/21/2001 4.02

5/18/2001 3.95

5/17/2001 4.04

05/16/2001* 4.04

5/15/2001 4.22

5/14/2001 4.43

5/11/2001 4.47

5/10/2001 4.51

5/9/2001 4.43

5/8/2001 4.41

5/7/2001 4.47

5/4/2001 4.41

5/3/2001 4.48

05/02/2001* 4.35

5/1/2001 4.61

4/30/2001 4.67

4/27/2001 4.51

4/26/2001 4.57

4/25/2001 4.54

4/24/2001 4.41

4/23/2001 4.4

4/20/2001 4.38

4/19/2001 4.47

04/18/2001* 4.67

4/17/2001 4.99

4/16/2001 5.17

4/13/2001 5.01

4/12/2001 5.02

4/11/2001 4.95

4/10/2001 4.96

4/9/2001 4.98

4/6/2001 4.94

4/5/2001 5.04

04/04/2001* 5.01

4/3/2001 5.1

4/2/2001 5.3

3/30/2001 5.29

3/29/2001 5.19

3/28/2001 5.05

3/26/2001 5.03

3/23/2001 4.94

3/22/2001 5.04

03/21/2001* 5.05

3/20/2001 5.14

3/19/2001 5.38

3/16/2001 5.4

3/15/2001 5.52

3/14/2001 5.48

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3/13/2001 5.5

3/12/2001 5.5

3/9/2001 5.42

3/8/2001 5.46

03/07/2001* 5.34

3/6/2001 5.39

3/5/2001 5.52

3/2/2001 5.52

3/1/2001 5.59

2/28/2001 5.59

2/27/2001 5.49

2/26/2001 5.55

2/23/2001 5.46

2/22/2001 5.52

02/21/2001* 5.5

2/20/2001 5.57

2/16/2001 5.46

02/15/2001r 5.57

2/14/2001 5.5

02/13/2001r 5.46

2/12/2001 5.48

2/9/2001 5.44

2/8/2001 5.5

02/07/2001r* 5.5

2/6/2001 5.48

2/5/2001 5.52

2/2/2001 5.5

2/1/2001 5.57

1/31/2001 5.74

1/30/2001 5.9

1/29/2001 5.98

1/26/2001 5.96

1/25/2001 6.1

01/24/2001* 6.05

1/23/2001 5.97

1/22/2001 6

1/19/2001 5.92

1/18/2001 5.93

1/17/2001 5.94

1/16/2001 6.2

1/12/2001 5.98

1/11/2001 6.05

01/10/2001* 6.06

1/9/2001 5.95

1/8/2001 5.98

1/5/2001 5.83

1/4/2001 5.92

1/3/2001 6.35

1/2/2001 6.67

12/29/2000 5.41

12/28/2000 6.53

12/27/2000* 6.53

12/26/2000 6.58

12/22/2000 6.44

12/21/2000 6.48

12/20/2000 6.47

12/19/2000 6.47

12/18/2000 6.5

12/15/2000 6.58

12/14/2000 6.53

12/13/2000* 6.47

12/12/2000 6.43

12/11/2000 6.49

12/8/2000 6.47

12/7/2000 6.49

12/6/2000 6.48

12/5/2000 6.51

12/4/2000 6.57

12/1/2000 6.6

11/30/2000 6.62

11/29/2000* 6.5

11/28/2000 6.46

11/27/2000 6.5

11/24/2000 6.49

11/22/2000 6.58

11/21/2000 6.5

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11/20/2000 6.52

11/17/2000 6.48

11/16/2000 6.55

11/15/2000* 6.61

11/14/2000 6.52

11/13/2000 6.55

11/10/2000 6.48

11/9/2000 6.52

11/8/2000 6.51

11/7/2000 6.48

11/6/2000 6.49

11/3/2000 6.48

11/2/2000 6.54

11/01/2000* 6.61

10/31/2000 6.59

10/30/2000 6.59

10/27/2000 6.51

10/26/2000 6.53

10/25/2000 6.53

10/24/2000 6.49

10/23/2000 6.53

10/20/2000 6.5

10/19/2000 6.54

10/18/2000* 6.53

10/17/2000 6.45

10/16/2000 6.59

10/13/2000 6.46

10/12/2000 6.47

10/11/2000 6.46

10/10/2000 6.57

10/6/2000 6.43

10/5/2000 6.54

10/04/2000* 6.51

10/3/2000 6.46

10/2/2000 6.68

9/29/2000 6.6

9/28/2000 6.59

9/27/2000 6.5

9/26/2000 6.5

9/25/2000 6.54

9/22/2000 6.48

9/21/2000 6.53

09/20/2000* 6.5

9/19/2000 6.4

9/18/2000 6.44

9/15/2000 6.55

9/14/2000 6.5

9/13/2000 6.47

9/12/2000 6.47

9/11/2000 6.5

9/8/2000 6.5

9/7/2000 6.53

09/06/2000* 6.56

9/5/2000 6.61

9/1/2000 6.52

8/31/2000 6.65

8/30/2000 6.51

8/29/2000 6.51

8/28/2000 6.57

8/25/2000 6.54

8/24/2000 6.56

08/23/2000* 6.5

8/22/2000 6.42

8/21/2000 6.48

8/18/2000 6.44

8/17/2000 6.47

8/16/2000 6.48

8/15/2000 6.63

8/14/2000 6.58

8/11/2000 6.5

8/10/2000 6.52

08/09/2000* 6.48

8/8/2000 6.44

8/7/2000 6.46

8/4/2000 6.44

8/3/2000 6.45

8/2/2000 6.42

8/1/2000 6.51

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7/31/2000 6.64

7/28/2000 6.44

7/27/2000 6.52

07/26/2000* 6.49

7/25/2000 6.46

7/24/2000 6.52

7/21/2000 6.51

7/20/2000 6.52

7/19/2000 6.45

7/18/2000 6.47

7/17/2000 6.58

7/14/2000 6.51

7/13/2000 6.5

07/12/2000* 6.38

7/11/2000 6.39

07/10/2000r 6.51

7/7/2000 6.42

7/6/2000 6.51

7/5/2000 6.52

7/3/2000 7.03

Appendix A4

Standard and Poor’s 500

Index Prices

Date Close

6/17/2009 910.71

6/16/2009 911.97

6/15/2009 923.72

6/12/2009 946.21

6/11/2009 944.89

6/10/2009 939.15

6/9/2009 942.43

6/8/2009 939.14

6/5/2009 940.09

6/4/2009 942.46

6/3/2009 931.76

6/2/2009 944.74

6/1/2009 942.87

5/29/2009 919.14

5/28/2009 906.83

5/27/2009 893.06

5/26/2009 910.33

5/22/2009 887

5/21/2009 888.33

5/20/2009 903.47

5/19/2009 908.13

5/18/2009 909.71

5/15/2009 882.88

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5/14/2009 893.07

5/13/2009 883.92

5/12/2009 908.35

5/11/2009 909.24

5/8/2009 929.23

5/7/2009 907.39

5/6/2009 919.53

5/5/2009 903.8

5/4/2009 907.24

5/1/2009 877.52

4/30/2009 872.81

4/29/2009 873.64

4/28/2009 855.16

4/27/2009 857.51

4/24/2009 866.23

4/23/2009 851.92

4/22/2009 843.55

4/21/2009 850.08

4/20/2009 832.39

4/17/2009 869.6

4/16/2009 865.3

4/15/2009 852.06

4/14/2009 841.5

4/13/2009 858.73

4/9/2009 856.56

4/8/2009 825.16

4/7/2009 815.55

4/6/2009 835.48

4/3/2009 842.5

4/2/2009 834.38

4/1/2009 811.08

3/31/2009 797.87

3/30/2009 787.53

3/27/2009 815.94

3/26/2009 832.86

3/25/2009 813.88

3/24/2009 806.12

3/23/2009 822.92

3/20/2009 768.54

3/19/2009 784.04

3/18/2009 794.35

3/17/2009 778.12

3/16/2009 753.89

3/13/2009 756.55

3/12/2009 750.74

3/11/2009 721.36

3/10/2009 719.6

3/9/2009 676.53

3/6/2009 683.38

3/5/2009 682.55

3/4/2009 712.87

3/3/2009 696.33

3/2/2009 700.82

2/27/2009 735.09

Page 44: The Effect of Changes in the Federal Funds Rate on the Equity Market

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2/26/2009 752.83

2/25/2009 764.9

2/24/2009 773.14

2/23/2009 743.33

2/20/2009 770.05

2/19/2009 778.94

2/18/2009 788.42

2/17/2009 789.17

2/13/2009 826.84

2/12/2009 835.19

2/11/2009 833.74

2/10/2009 827.16

2/9/2009 869.89

2/6/2009 868.6

2/5/2009 845.85

2/4/2009 832.23

2/3/2009 838.51

2/2/2009 825.44

1/30/2009 825.88

1/29/2009 845.14

1/28/2009 874.09

1/27/2009 845.71

1/26/2009 836.57

1/23/2009 831.95

1/22/2009 827.5

1/21/2009 840.24

1/20/2009 805.22

1/16/2009 850.12

1/15/2009 843.74

1/14/2009 842.62

1/13/2009 871.79

1/12/2009 870.26

1/9/2009 890.35

1/8/2009 909.73

1/7/2009 906.65

1/6/2009 934.7

1/5/2009 927.45

1/2/2009 931.8

12/31/2008 903.25

12/30/2008 890.64

12/29/2008 869.42

12/26/2008 872.8

12/24/2008 868.15

12/23/2008 863.16

12/22/2008 871.63

12/19/2008 887.88

12/18/2008 885.28

12/17/2008 904.42

12/16/2008 913.18

12/15/2008 868.57

12/12/2008 879.73

12/11/2008 873.59

12/10/2008 899.24

12/9/2008 888.67

12/8/2008 909.7

12/5/2008 876.07

12/4/2008 845.22

12/3/2008 870.74

12/2/2008 848.81

12/1/2008 816.21

11/28/2008 896.24

11/26/2008 887.68

11/25/2008 857.39

11/24/2008 851.81

11/21/2008 800.03

11/20/2008 752.44

11/19/2008 806.58

11/18/2008 859.12

11/17/2008 850.75

11/14/2008 873.29

11/13/2008 911.29

11/12/2008 852.3

11/11/2008 898.95

11/10/2008 919.21

11/7/2008 930.99

11/6/2008 904.88

11/5/2008 952.77

11/4/2008 1005.75

11/3/2008 966.3

10/31/2008 968.75

10/30/2008 954.09

10/29/2008 930.09

10/28/2008 940.51

10/27/2008 848.92

10/24/2008 876.77

10/23/2008 908.11

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10/22/2008 896.78

10/21/2008 955.05

10/20/2008 985.4

10/17/2008 940.55

10/16/2008 946.43

10/15/2008 907.84

10/14/2008 998.01

10/13/2008 1003.35

10/10/2008 899.22

10/9/2008 909.92

10/8/2008 984.94

10/7/2008 996.23

10/6/2008 1056.89

10/3/2008 1099.23

10/2/2008 1114.28

10/1/2008 1161.06

9/30/2008 1164.74

9/29/2008 1106.42

9/26/2008 1213.27

9/25/2008 1209.18

9/24/2008 1185.87

9/23/2008 1188.22

9/22/2008 1207.09

9/19/2008 1255.08

9/18/2008 1206.51

9/17/2008 1156.39

9/16/2008 1213.6

9/15/2008 1192.7

9/12/2008 1251.7

9/11/2008 1249.05

9/10/2008 1232.04

9/9/2008 1224.51

9/8/2008 1267.79

9/5/2008 1242.31

9/4/2008 1236.83

9/3/2008 1274.98

9/2/2008 1277.58

8/29/2008 1282.83

8/28/2008 1300.68

8/27/2008 1281.66

8/26/2008 1271.51

8/25/2008 1266.84

8/22/2008 1292.2

8/21/2008 1277.72

8/20/2008 1274.54

8/19/2008 1266.69

8/18/2008 1278.6

8/15/2008 1298.2

8/14/2008 1292.93

8/13/2008 1285.83

8/12/2008 1289.59

8/11/2008 1305.32

8/8/2008 1296.32

8/7/2008 1266.07

8/6/2008 1289.19

8/5/2008 1284.88

8/4/2008 1249.01

8/1/2008 1260.31

7/31/2008 1267.38

7/30/2008 1284.26

7/29/2008 1263.2

7/28/2008 1234.37

7/25/2008 1257.76

7/24/2008 1252.54

7/23/2008 1282.19

7/22/2008 1277

7/21/2008 1260

7/18/2008 1260.68

7/17/2008 1260.32

7/16/2008 1245.36

7/15/2008 1214.91

7/14/2008 1228.3

7/11/2008 1239.49

7/10/2008 1253.39

7/9/2008 1244.69

7/8/2008 1273.7

7/7/2008 1252.31

7/3/2008 1262.9

7/2/2008 1261.52

7/1/2008 1284.91

6/30/2008 1280

6/27/2008 1278.38

6/26/2008 1283.15

6/25/2008 1321.97

6/24/2008 1314.29

6/23/2008 1318

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6/20/2008 1317.93

6/19/2008 1342.83

6/18/2008 1337.81

6/17/2008 1350.93

6/16/2008 1360.14

6/13/2008 1360.03

6/12/2008 1339.87

6/11/2008 1335.49

6/10/2008 1358.44

6/9/2008 1361.76

6/6/2008 1360.68

6/5/2008 1404.05

6/4/2008 1377.2

6/3/2008 1377.65

6/2/2008 1385.67

5/30/2008 1400.38

5/29/2008 1398.26

5/28/2008 1390.84

5/27/2008 1385.35

5/23/2008 1375.93

5/22/2008 1394.35

5/21/2008 1390.71

5/20/2008 1413.4

5/19/2008 1426.63

5/16/2008 1425.35

5/15/2008 1423.57

5/14/2008 1408.66

5/13/2008 1403.04

5/12/2008 1403.58

5/9/2008 1388.28

5/8/2008 1397.68

5/7/2008 1392.57

5/6/2008 1418.26

5/5/2008 1407.49

5/2/2008 1413.9

5/1/2008 1409.34

4/30/2008 1385.59

4/29/2008 1390.94

4/28/2008 1396.37

4/25/2008 1397.84

4/24/2008 1388.82

4/23/2008 1379.93

4/22/2008 1375.94

4/21/2008 1388.17

4/18/2008 1390.33

4/17/2008 1365.56

4/16/2008 1364.71

4/15/2008 1334.43

4/14/2008 1328.32

4/11/2008 1332.83

4/10/2008 1360.55

4/9/2008 1354.49

4/8/2008 1365.54

4/7/2008 1372.54

4/4/2008 1370.4

4/3/2008 1369.31

4/2/2008 1367.53

4/1/2008 1370.18

3/31/2008 1322.7

3/28/2008 1315.22

3/27/2008 1325.76

3/26/2008 1341.13

3/25/2008 1352.99

3/24/2008 1349.88

3/20/2008 1329.51

3/19/2008 1298.42

3/18/2008 1330.74

3/17/2008 1276.6

3/14/2008 1288.14

3/13/2008 1315.48

3/12/2008 1308.77

3/11/2008 1320.65

3/10/2008 1273.37

3/7/2008 1293.37

3/6/2008 1304.34

3/5/2008 1333.7

3/4/2008 1326.75

3/3/2008 1331.34

2/29/2008 1330.63

2/28/2008 1367.68

2/27/2008 1380.02

2/26/2008 1381.29

2/25/2008 1371.8

2/22/2008 1353.11

2/21/2008 1342.53

2/20/2008 1360.03

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2/14/2008 1348.86

2/13/2008 1367.21

2/12/2008 1348.86

2/11/2008 1339.13

2/8/2008 1331.29

2/7/2008 1336.91

2/6/2008 1326.45

2/5/2008 1336.64

2/4/2008 1380.82

2/1/2008 1395.42

1/31/2008 1378.55

1/30/2008 1355.81

1/29/2008 1362.3

1/28/2008 1353.96

1/25/2008 1330.61

1/24/2008 1352.07

1/23/2008 1338.6

1/22/2008 1310.5

1/18/2008 1325.19

1/17/2008 1333.25

1/16/2008 1373.2

1/15/2008 1380.95

1/14/2008 1416.25

1/11/2008 1401.02

1/10/2008 1420.33

1/9/2008 1409.13

1/8/2008 1390.19

1/7/2008 1416.18

1/4/2008 1411.63

1/3/2008 1447.16

1/2/2008 1447.16

12/31/2007 1468.36

12/28/2007 1478.49

12/27/2007 1476.27

12/26/2007 1497.66

12/24/2007 1496.45

12/21/2007 1484.46

12/20/2007 1460.12

12/19/2007 1453

12/18/2007 1454.98

12/17/2007 1445.9

12/14/2007 1467.95

12/13/2007 1488.41

12/12/2007 1486.59

12/11/2007 1477.65

12/10/2007 1515.96

12/7/2007 1504.66

12/6/2007 1507.34

12/5/2007 1485.01

12/4/2007 1462.79

12/3/2007 1472.42

11/30/2007 1481.14

11/29/2007 1469.72

11/28/2007 1469.02

11/27/2007 1428.23

11/26/2007 1407.22

11/23/2007 1440.7

11/21/2007 1416.77

11/20/2007 1439.7

11/19/2007 1433.27

11/16/2007 1458.74

11/15/2007 1451.15

11/14/2007 1470.58

11/13/2007 1481.05

11/12/2007 1439.18

11/9/2007 1453.7

11/8/2007 1474.77

11/7/2007 1475.62

11/6/2007 1520.27

11/5/2007 1502.17

11/2/2007 1509.65

11/1/2007 1508.44

10/31/2007 1549.38

10/30/2007 1531.02

10/29/2007 1540.98

10/26/2007 1535.28

10/25/2007 1514.4

10/24/2007 1515.88

10/23/2007 1519.59

10/22/2007 1506.33

10/19/2007 1500.63

10/18/2007 1540.08

10/17/2007 1541.24

10/16/2007 1538.53

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10/10/2007 1562.47

10/9/2007 1565.15

10/8/2007 1552.58

10/5/2007 1557.59

10/4/2007 1542.84

10/3/2007 1539.59

10/2/2007 1546.63

10/1/2007 1547.04

9/28/2007 1526.75

9/27/2007 1531.38

9/26/2007 1525.42

9/25/2007 1517.21

9/24/2007 1517.73

9/21/2007 1525.75

9/20/2007 1518.75

9/19/2007 1529.03

9/18/2007 1519.78

9/17/2007 1476.65

9/14/2007 1484.25

9/13/2007 1483.95

9/12/2007 1471.56

9/11/2007 1471.49

9/10/2007 1451.7

9/7/2007 1453.55

9/6/2007 1478.55

9/5/2007 1472.29

9/4/2007 1489.42

8/31/2007 1473.99

8/30/2007 1457.64

8/29/2007 1463.76

8/28/2007 1432.36

8/27/2007 1466.79

8/24/2007 1479.37

8/23/2007 1462.5

8/22/2007 1464.07

8/21/2007 1447.12

8/20/2007 1445.55

8/17/2007 1445.94

8/16/2007 1411.27

8/15/2007 1406.7

8/14/2007 1426.54

8/13/2007 1452.92

8/10/2007 1453.64

8/9/2007 1453.09

8/8/2007 1497.49

8/7/2007 1476.71

8/6/2007 1467.67

8/3/2007 1433.06

8/2/2007 1472.2

8/1/2007 1465.81

7/31/2007 1455.27

7/30/2007 1473.91

7/27/2007 1458.95

7/26/2007 1482.66

7/25/2007 1518.09

7/24/2007 1511.04

7/23/2007 1541.57

7/20/2007 1534.1

7/19/2007 1553.08

7/18/2007 1546.17

7/17/2007 1549.37

7/16/2007 1549.52

7/13/2007 1552.5

7/12/2007 1547.7

7/11/2007 1518.76

7/10/2007 1510.12

7/9/2007 1531.85

7/6/2007 1530.44

7/5/2007 1525.4

7/3/2007 1524.87

7/2/2007 1519.43

6/29/2007 1503.35

6/28/2007 1505.71

6/27/2007 1506.34

6/26/2007 1492.89

6/25/2007 1497.74

6/22/2007 1502.56

6/21/2007 1522.19

6/20/2007 1512.84

6/19/2007 1533.7

6/18/2007 1531.05

6/15/2007 1532.91

6/14/2007 1522.97

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6/5/2007 1530.95

6/4/2007 1539.18

6/1/2007 1536.34

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5/30/2007 1530.23

5/29/2007 1518.11

5/25/2007 1515.73

5/24/2007 1507.51

5/23/2007 1522.28

5/22/2007 1524.12

5/21/2007 1525.1

5/18/2007 1522.75

5/17/2007 1512.75

5/16/2007 1514.14

5/15/2007 1501.19

5/14/2007 1503.15

5/11/2007 1505.85

5/10/2007 1491.47

5/9/2007 1512.58

5/8/2007 1507.72

5/7/2007 1509.48

5/4/2007 1505.62

5/3/2007 1502.39

5/2/2007 1495.92

5/1/2007 1486.3

4/30/2007 1482.37

4/27/2007 1494.07

4/26/2007 1494.25

4/25/2007 1495.42

4/24/2007 1480.41

4/23/2007 1480.93

4/20/2007 1484.35

4/19/2007 1470.73

4/18/2007 1472.5

4/17/2007 1471.48

4/16/2007 1468.33

4/13/2007 1452.85

4/12/2007 1447.8

4/11/2007 1438.87

4/10/2007 1448.39

4/9/2007 1444.61

4/5/2007 1443.76

4/4/2007 1439.37

4/3/2007 1437.77

4/2/2007 1424.55

3/30/2007 1420.86

3/29/2007 1422.53

3/28/2007 1417.23

3/27/2007 1428.61

3/26/2007 1437.5

3/23/2007 1436.11

3/22/2007 1434.54

3/21/2007 1435.04

3/20/2007 1410.94

3/19/2007 1402.06

3/16/2007 1386.95

3/15/2007 1392.28

3/14/2007 1387.17

3/13/2007 1377.95

3/12/2007 1406.6

3/9/2007 1402.84

3/8/2007 1401.89

3/7/2007 1391.97

3/6/2007 1395.41

3/5/2007 1374.12

3/2/2007 1387.17

3/1/2007 1403.17

2/28/2007 1406.82

2/27/2007 1399.04

2/26/2007 1449.37

2/23/2007 1451.19

2/22/2007 1456.38

2/21/2007 1457.63

2/20/2007 1459.68

2/16/2007 1455.54

2/15/2007 1456.81

2/14/2007 1455.3

2/13/2007 1444.26

2/12/2007 1433.37

2/9/2007 1438.06

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2/1/2007 1445.94

1/31/2007 1438.24

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1/29/2007 1420.62

1/26/2007 1422.18

1/25/2007 1423.9

1/24/2007 1440.13

1/23/2007 1427.99

1/22/2007 1422.95

1/19/2007 1430.5

1/18/2007 1426.37

1/17/2007 1430.62

1/16/2007 1431.9

1/12/2007 1430.73

1/11/2007 1423.82

1/10/2007 1414.85

1/9/2007 1412.11

1/8/2007 1412.84

1/5/2007 1409.71

1/4/2007 1418.34

1/3/2007 1416.6

12/29/2006 1418.3

12/28/2006 1424.73

12/27/2006 1426.84

12/26/2006 1416.9

12/22/2006 1410.76

12/21/2006 1418.3

12/20/2006 1423.53

12/19/2006 1425.55

12/18/2006 1422.48

12/15/2006 1427.09

12/14/2006 1425.49

12/13/2006 1413.21

12/12/2006 1411.56

12/11/2006 1413.04

12/8/2006 1409.84

12/7/2006 1407.29

12/6/2006 1412.9

12/5/2006 1414.76

12/4/2006 1409.12

12/1/2006 1396.71

11/30/2006 1400.63

11/29/2006 1399.48

11/28/2006 1386.72

11/27/2006 1381.96

11/24/2006 1400.95

11/22/2006 1406.09

11/21/2006 1402.81

11/20/2006 1400.5

11/17/2006 1401.2

11/16/2006 1399.76

11/15/2006 1396.57

11/14/2006 1393.22

11/13/2006 1384.42

11/10/2006 1380.9

11/9/2006 1378.33

11/8/2006 1385.72

11/7/2006 1382.84

11/6/2006 1379.78

11/3/2006 1364.3

11/2/2006 1367.34

11/1/2006 1367.81

10/31/2006 1377.94

10/30/2006 1377.93

10/27/2006 1377.34

10/26/2006 1389.08

10/25/2006 1382.22

10/24/2006 1377.38

10/23/2006 1377.02

10/20/2006 1368.6

10/19/2006 1366.96

10/18/2006 1365.8

10/17/2006 1364.05

10/16/2006 1369.06

10/13/2006 1365.62

10/12/2006 1362.83

10/11/2006 1349.95

10/10/2006 1353.42

10/9/2006 1350.66

10/6/2006 1349.59

10/5/2006 1353.22

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9/27/2006 1336.59

9/26/2006 1336.35

9/25/2006 1326.37

9/22/2006 1314.78

9/21/2006 1318.03

9/20/2006 1325.18

9/19/2006 1317.64

9/18/2006 1321.18

9/15/2006 1319.66

9/14/2006 1316.28

9/13/2006 1318.07

9/12/2006 1313

9/11/2006 1299.54

9/8/2006 1298.92

9/7/2006 1294.02

9/6/2006 1300.26

9/5/2006 1313.25

9/1/2006 1311.01

8/31/2006 1303.82

8/30/2006 1305.37

8/29/2006 1304.28

8/28/2006 1301.78

8/25/2006 1295.09

8/24/2006 1296.06

8/23/2006 1292.99

8/22/2006 1298.82

8/21/2006 1297.52

8/18/2006 1302.3

8/17/2006 1297.48

8/16/2006 1295.43

8/15/2006 1285.58

8/14/2006 1268.21

8/11/2006 1266.74

8/10/2006 1271.81

8/9/2006 1265.95

8/8/2006 1271.48

8/7/2006 1275.77

8/4/2006 1279.36

8/3/2006 1280.27

8/2/2006 1277.41

8/1/2006 1270.92

7/31/2006 1276.66

7/28/2006 1278.55

7/27/2006 1263.2

7/26/2006 1268.4

7/25/2006 1268.88

7/24/2006 1260.91

7/21/2006 1240.29

7/20/2006 1249.13

7/19/2006 1259.81

7/18/2006 1236.86

7/17/2006 1234.49

7/14/2006 1236.2

7/13/2006 1242.28

7/12/2006 1258.6

7/11/2006 1272.43

7/10/2006 1267.34

7/7/2006 1265.48

7/6/2006 1274.08

7/5/2006 1270.91

7/3/2006 1280.19

6/30/2006 1270.2

6/29/2006 1272.87

6/28/2006 1246

6/27/2006 1239.2

6/26/2006 1250.56

6/23/2006 1244.5

6/22/2006 1245.6

6/21/2006 1252.2

6/20/2006 1240.12

6/19/2006 1240.13

6/16/2006 1251.54

6/15/2006 1256.16

6/14/2006 1230.04

6/13/2006 1223.69

6/12/2006 1237.44

6/9/2006 1252.3

6/8/2006 1257.93

6/7/2006 1256.15

6/6/2006 1263.85

6/5/2006 1265.29

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5/24/2006 1258.57

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5/22/2006 1262.07

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5/18/2006 1261.81

5/17/2006 1270.32

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5/15/2006 1294.5

5/12/2006 1291.24

5/11/2006 1305.92

5/10/2006 1322.85

5/9/2006 1325.14

5/8/2006 1324.66

5/5/2006 1325.76

5/4/2006 1312.25

5/3/2006 1308.12

5/2/2006 1313.21

5/1/2006 1305.19

4/28/2006 1310.61

4/27/2006 1309.72

4/26/2006 1305.41

4/25/2006 1301.74

4/24/2006 1308.11

4/21/2006 1311.28

4/20/2006 1311.46

4/19/2006 1309.93

4/18/2006 1307.28

4/17/2006 1285.33

4/13/2006 1289.12

4/12/2006 1288.12

4/11/2006 1286.57

4/10/2006 1296.62

4/7/2006 1295.5

4/6/2006 1309.04

4/5/2006 1311.56

4/4/2006 1305.93

4/3/2006 1297.81

3/31/2006 1294.87

3/30/2006 1300.25

3/29/2006 1302.89

3/28/2006 1293.23

3/27/2006 1301.61

3/24/2006 1302.95

3/23/2006 1301.67

3/22/2006 1305.04

3/21/2006 1297.23

3/20/2006 1305.08

3/17/2006 1307.25

3/16/2006 1305.33

3/15/2006 1303.02

3/14/2006 1297.48

3/13/2006 1284.13

3/10/2006 1281.42

3/9/2006 1272.23

3/8/2006 1278.47

3/7/2006 1275.88

3/6/2006 1278.26

3/3/2006 1287.23

3/2/2006 1289.14

3/1/2006 1291.24

2/28/2006 1280.66

2/27/2006 1294.12

2/24/2006 1289.43

2/23/2006 1287.79

2/22/2006 1292.67

2/21/2006 1283.03

2/17/2006 1287.24

2/16/2006 1289.38

2/15/2006 1280

2/14/2006 1275.53

2/13/2006 1262.86

2/10/2006 1266.99

2/9/2006 1263.78

2/8/2006 1265.65

2/7/2006 1254.78

2/6/2006 1265.02

2/3/2006 1264.03

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2/1/2006 1282.46

1/31/2006 1280.08

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1/20/2006 1261.49

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1/6/2006 1285.45

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1/4/2006 1273.46

1/3/2006 1268.8

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12/29/2005 1254.42

12/28/2005 1258.17

12/27/2005 1256.54

12/23/2005 1268.66

12/22/2005 1268.12

12/21/2005 1262.79

12/20/2005 1259.62

12/19/2005 1259.92

12/16/2005 1267.32

12/15/2005 1270.94

12/14/2005 1272.74

12/13/2005 1267.43

12/12/2005 1260.43

12/9/2005 1259.37

12/8/2005 1255.84

12/7/2005 1257.37

12/6/2005 1263.7

12/5/2005 1262.09

12/2/2005 1265.08

12/1/2005 1264.67

11/30/2005 1249.48

11/29/2005 1257.48

11/28/2005 1257.46

11/25/2005 1268.25

11/23/2005 1265.61

11/22/2005 1261.23

11/21/2005 1254.85

11/18/2005 1248.27

11/17/2005 1242.8

11/16/2005 1231.21

11/15/2005 1229.01

11/14/2005 1233.76

11/11/2005 1234.72

11/10/2005 1230.96

11/9/2005 1220.65

11/8/2005 1218.59

11/7/2005 1222.81

11/4/2005 1220.14

11/3/2005 1219.94

11/2/2005 1214.76

11/1/2005 1202.76

10/31/2005 1207.01

10/28/2005 1198.41

10/27/2005 1178.9

10/26/2005 1191.38

10/25/2005 1196.54

10/24/2005 1199.38

10/21/2005 1179.59

10/20/2005 1177.8

10/19/2005 1195.76

10/18/2005 1178.14

10/17/2005 1190.1

10/14/2005 1186.57

10/13/2005 1176.84

10/12/2005 1177.68

10/11/2005 1184.87

10/10/2005 1187.33

10/7/2005 1195.9

10/6/2005 1191.49

10/5/2005 1196.39

10/4/2005 1214.47

10/3/2005 1226.7

9/30/2005 1228.81

9/29/2005 1227.68

9/28/2005 1216.89

9/27/2005 1215.66

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9/19/2005 1231.02

9/16/2005 1237.91

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9/14/2005 1227.16

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9/9/2005 1241.48

9/8/2005 1231.67

9/7/2005 1236.36

9/6/2005 1233.39

9/2/2005 1218.02

9/1/2005 1221.59

8/31/2005 1220.33

8/30/2005 1208.41

8/29/2005 1212.28

8/26/2005 1205.1

8/25/2005 1212.37

8/24/2005 1209.59

8/23/2005 1217.59

8/22/2005 1221.73

8/19/2005 1219.71

8/18/2005 1219.02

8/17/2005 1220.24

8/16/2005 1219.34

8/15/2005 1233.87

8/12/2005 1230.39

8/11/2005 1237.81

8/10/2005 1229.13

8/9/2005 1231.38

8/8/2005 1223.13

8/5/2005 1226.42

8/4/2005 1235.86

8/3/2005 1245.04

8/2/2005 1244.12

8/1/2005 1235.35

7/29/2005 1234.18

7/28/2005 1243.72

7/27/2005 1236.79

7/26/2005 1231.16

7/25/2005 1229.03

7/22/2005 1233.68

7/21/2005 1227.04

7/20/2005 1235.2

7/19/2005 1229.35

7/18/2005 1221.13

7/15/2005 1227.92

7/14/2005 1226.5

7/13/2005 1223.29

7/12/2005 1222.21

7/11/2005 1219.44

7/8/2005 1211.86

7/7/2005 1197.87

7/6/2005 1194.94

7/5/2005 1204.99

7/1/2005 1194.44

6/30/2005 1191.33

6/29/2005 1199.85

6/28/2005 1201.57

6/27/2005 1190.69

6/24/2005 1191.57

6/23/2005 1200.73

6/22/2005 1213.88

6/21/2005 1213.61

6/20/2005 1216.1

6/17/2005 1216.96

6/16/2005 1210.96

6/15/2005 1206.58

6/14/2005 1203.91

6/13/2005 1200.82

6/10/2005 1198.11

6/9/2005 1200.93

6/8/2005 1194.67

6/7/2005 1197.26

6/6/2005 1197.51

6/3/2005 1196.02

6/2/2005 1204.29

6/1/2005 1202.22

5/31/2005 1191.5

5/27/2005 1198.78

5/26/2005 1197.62

5/25/2005 1190.01

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5/20/2005 1189.28

5/19/2005 1191.08

5/18/2005 1185.56

5/17/2005 1173.8

5/16/2005 1165.69

5/13/2005 1154.05

5/12/2005 1159.36

5/11/2005 1171.11

5/10/2005 1166.22

5/9/2005 1178.84

5/6/2005 1171.35

5/5/2005 1172.63

5/4/2005 1175.65

5/3/2005 1161.17

5/2/2005 1162.16

4/29/2005 1156.85

4/28/2005 1143.22

4/27/2005 1156.38

4/26/2005 1151.83

4/25/2005 1162.1

4/22/2005 1152.12

4/21/2005 1159.95

4/20/2005 1137.5

4/19/2005 1152.78

4/18/2005 1145.98

4/15/2005 1142.62

4/14/2005 1162.05

4/13/2005 1173.79

4/12/2005 1187.76

4/11/2005 1181.21

4/8/2005 1181.2

4/7/2005 1191.14

4/6/2005 1184.07

4/5/2005 1181.39

4/4/2005 1176.12

4/1/2005 1172.92

3/31/2005 1180.59

3/30/2005 1181.41

3/29/2005 1165.36

3/28/2005 1174.28

3/24/2005 1171.42

3/23/2005 1172.53

3/22/2005 1171.71

3/21/2005 1183.78

3/18/2005 1189.65

3/17/2005 1190.21

3/16/2005 1188.07

3/15/2005 1197.75

3/14/2005 1206.83

3/11/2005 1200.08

3/10/2005 1209.25

3/9/2005 1207.01

3/8/2005 1219.43

3/7/2005 1225.31

3/4/2005 1222.12

3/3/2005 1210.47

3/2/2005 1210.08

3/1/2005 1210.41

2/28/2005 1203.6

2/25/2005 1211.37

2/24/2005 1200.2

2/23/2005 1190.8

2/22/2005 1184.16

2/18/2005 1201.59

2/17/2005 1200.75

2/16/2005 1210.34

2/15/2005 1210.12

2/14/2005 1206.14

2/11/2005 1205.3

2/10/2005 1197.01

2/9/2005 1191.99

2/8/2005 1202.3

2/7/2005 1201.72

2/4/2005 1203.03

2/3/2005 1189.89

2/2/2005 1193.19

2/1/2005 1189.41

1/31/2005 1181.27

1/28/2005 1171.36

1/27/2005 1174.55

1/26/2005 1174.07

1/25/2005 1168.41

1/24/2005 1163.75

1/21/2005 1167.87

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1/19/2005 1184.63

1/18/2005 1195.98

1/14/2005 1184.52

1/13/2005 1177.45

1/12/2005 1187.7

1/11/2005 1182.99

1/10/2005 1190.25

1/7/2005 1186.19

1/6/2005 1187.89

1/5/2005 1183.74

1/4/2005 1188.05

1/3/2005 1202.08

12/31/2004 1211.92

12/30/2004 1213.55

12/29/2004 1213.45

12/28/2004 1213.54

12/27/2004 1204.92

12/23/2004 1210.13

12/22/2004 1209.57

12/21/2004 1205.45

12/20/2004 1194.65

12/17/2004 1194.2

12/16/2004 1203.21

12/15/2004 1205.72

12/14/2004 1203.38

12/13/2004 1198.68

12/10/2004 1188

12/9/2004 1189.24

12/8/2004 1182.81

12/7/2004 1177.07

12/6/2004 1190.25

12/3/2004 1191.17

12/2/2004 1190.33

12/1/2004 1191.37

11/30/2004 1173.82

11/29/2004 1178.57

11/26/2004 1182.65

11/24/2004 1181.76

11/23/2004 1176.94

11/22/2004 1177.24

11/19/2004 1170.34

11/18/2004 1183.55

11/17/2004 1181.94

11/16/2004 1175.43

11/15/2004 1183.81

11/12/2004 1184.17

11/11/2004 1173.48

11/10/2004 1162.91

11/9/2004 1164.08

11/8/2004 1164.89

11/5/2004 1166.17

11/4/2004 1161.67

11/3/2004 1143.2

11/2/2004 1130.56

11/1/2004 1130.51

10/29/2004 1130.2

10/28/2004 1127.44

10/27/2004 1125.4

10/26/2004 1111.09

10/25/2004 1094.8

10/22/2004 1095.74

10/21/2004 1106.49

10/20/2004 1103.66

10/19/2004 1103.23

10/18/2004 1114.02

10/15/2004 1108.2

10/14/2004 1103.29

10/13/2004 1113.65

10/12/2004 1121.84

10/11/2004 1124.39

10/8/2004 1122.14

10/7/2004 1130.65

10/6/2004 1142.05

10/5/2004 1134.48

10/4/2004 1135.17

10/1/2004 1131.5

9/30/2004 1114.58

9/29/2004 1114.8

9/28/2004 1110.06

9/27/2004 1103.52

9/24/2004 1110.11

9/23/2004 1108.36

9/22/2004 1113.56

9/21/2004 1129.3

9/20/2004 1122.2

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9/16/2004 1123.5

9/15/2004 1120.37

9/14/2004 1128.33

9/13/2004 1125.82

9/10/2004 1123.92

9/9/2004 1118.38

9/8/2004 1116.27

9/7/2004 1121.3

9/3/2004 1113.63

9/2/2004 1118.31

9/1/2004 1105.91

8/31/2004 1104.24

8/30/2004 1099.15

8/27/2004 1107.77

8/26/2004 1105.09

8/25/2004 1104.96

8/24/2004 1096.19

8/23/2004 1095.68

8/20/2004 1098.35

8/19/2004 1091.23

8/18/2004 1095.17

8/17/2004 1081.71

8/16/2004 1079.34

8/13/2004 1064.8

8/12/2004 1063.23

8/11/2004 1075.79

8/10/2004 1079.04

8/9/2004 1065.22

8/6/2004 1063.97

8/5/2004 1080.7

8/4/2004 1098.63

8/3/2004 1099.69

8/2/2004 1106.62

7/30/2004 1101.72

7/29/2004 1100.43

7/28/2004 1095.42

7/27/2004 1094.83

7/26/2004 1084.07

7/23/2004 1086.2

7/22/2004 1096.84

7/21/2004 1093.88

7/20/2004 1108.67

7/19/2004 1100.9

7/16/2004 1101.39

7/15/2004 1106.69

7/14/2004 1111.47

7/13/2004 1115.14

7/12/2004 1114.35

7/9/2004 1112.81

7/8/2004 1109.11

7/7/2004 1118.33

7/6/2004 1116.21

7/2/2004 1125.38

7/1/2004 1128.94

6/30/2004 1140.84

6/29/2004 1136.2

6/28/2004 1133.35

6/25/2004 1134.43

6/24/2004 1140.65

6/23/2004 1144.06

6/22/2004 1134.41

6/21/2004 1130.3

6/18/2004 1135.02

6/17/2004 1132.05

6/16/2004 1133.56

6/15/2004 1132.01

6/14/2004 1125.29

6/10/2004 1136.47

6/9/2004 1131.33

6/8/2004 1142.18

6/7/2004 1140.42

6/4/2004 1122.5

6/3/2004 1116.64

6/2/2004 1124.99

6/1/2004 1121.2

5/28/2004 1120.68

5/27/2004 1121.28

5/26/2004 1114.94

5/25/2004 1113.05

5/24/2004 1095.41

5/21/2004 1093.56

5/20/2004 1089.19

5/19/2004 1088.68

5/18/2004 1091.49

5/17/2004 1084.1

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5/13/2004 1096.44

5/12/2004 1097.28

5/11/2004 1095.45

5/10/2004 1087.12

5/7/2004 1098.7

5/6/2004 1113.99

5/5/2004 1121.53

5/4/2004 1119.55

5/3/2004 1117.49

4/30/2004 1107.3

4/29/2004 1113.89

4/28/2004 1122.41

4/27/2004 1138.11

4/26/2004 1135.53

4/23/2004 1140.6

4/22/2004 1139.93

4/21/2004 1124.09

4/20/2004 1118.15

4/19/2004 1135.82

4/16/2004 1134.61

4/15/2004 1128.84

4/14/2004 1128.17

4/13/2004 1129.44

4/12/2004 1145.2

4/8/2004 1139.32

4/7/2004 1140.53

4/6/2004 1148.16

4/5/2004 1150.57

4/2/2004 1141.81

4/1/2004 1132.17

3/31/2004 1126.21

3/30/2004 1127

3/29/2004 1122.47

3/26/2004 1108.06

3/25/2004 1109.19

3/24/2004 1091.33

3/23/2004 1093.95

3/22/2004 1095.4

3/19/2004 1109.78

3/18/2004 1122.32

3/17/2004 1123.75

3/16/2004 1110.7

3/15/2004 1104.49

3/12/2004 1120.57

3/11/2004 1106.78

3/10/2004 1123.89

3/9/2004 1140.58

3/8/2004 1147.2

3/5/2004 1156.86

3/4/2004 1154.87

3/3/2004 1151.03

3/2/2004 1149.1

3/1/2004 1155.97

2/27/2004 1144.94

2/26/2004 1144.91

2/25/2004 1143.67

2/24/2004 1139.09

2/23/2004 1140.99

2/20/2004 1144.11

2/19/2004 1147.06

2/18/2004 1151.82

2/17/2004 1156.99

2/13/2004 1145.81

2/12/2004 1152.11

2/11/2004 1157.76

2/10/2004 1145.54

2/9/2004 1139.81

2/6/2004 1142.76

2/5/2004 1128.59

2/4/2004 1126.52

2/3/2004 1136.03

2/2/2004 1135.26

1/30/2004 1131.13

1/29/2004 1134.11

1/28/2004 1128.48

1/27/2004 1144.05

1/26/2004 1155.37

1/23/2004 1141.55

1/22/2004 1143.94

1/21/2004 1147.62

1/20/2004 1138.77

1/16/2004 1139.83

1/15/2004 1132.05

1/14/2004 1130.52

1/13/2004 1121.22

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1/9/2004 1121.86

1/8/2004 1131.92

1/7/2004 1126.33

1/6/2004 1123.67

1/5/2004 1122.22

1/2/2004 1108.48

12/31/2003 1111.92

12/30/2003 1109.64

12/29/2003 1109.48

12/26/2003 1095.89

12/24/2003 1094.04

12/23/2003 1096.02

12/22/2003 1092.94

12/19/2003 1088.66

12/18/2003 1089.18

12/17/2003 1076.48

12/16/2003 1075.13

12/15/2003 1068.04

12/12/2003 1074.14

12/11/2003 1071.21

12/10/2003 1059.05

12/9/2003 1060.18

12/8/2003 1069.3

12/5/2003 1061.5

12/4/2003 1069.72

12/3/2003 1064.73

12/2/2003 1066.62

12/1/2003 1070.12

11/28/2003 1058.2

11/26/2003 1058.45

11/25/2003 1053.89

11/24/2003 1052.08

11/21/2003 1035.28

11/20/2003 1033.65

11/19/2003 1042.44

11/18/2003 1034.15

11/17/2003 1043.63

11/14/2003 1050.35

11/13/2003 1058.41

11/12/2003 1058.53

11/11/2003 1046.57

11/10/2003 1047.11

11/7/2003 1053.21

11/6/2003 1058.05

11/5/2003 1051.81

11/4/2003 1053.25

11/3/2003 1059.02

10/31/2003 1050.71

10/30/2003 1046.94

10/29/2003 1048.11

10/28/2003 1046.79

10/27/2003 1031.13

10/24/2003 1028.91

10/23/2003 1033.77

10/22/2003 1030.36

10/21/2003 1046.03

10/20/2003 1044.68

10/17/2003 1039.32

10/16/2003 1050.07

10/15/2003 1046.76

10/14/2003 1049.48

10/13/2003 1045.35

10/10/2003 1038.06

10/9/2003 1038.73

10/8/2003 1033.78

10/7/2003 1039.25

10/6/2003 1034.35

10/3/2003 1029.85

10/2/2003 1020.24

10/1/2003 1018.22

9/30/2003 995.97

9/29/2003 1006.58

9/26/2003 996.85

9/25/2003 1003.27

9/24/2003 1009.38

9/23/2003 1029.03

9/22/2003 1022.82

9/19/2003 1036.3

9/18/2003 1039.58

9/17/2003 1025.97

9/16/2003 1029.32

9/15/2003 1014.81

9/12/2003 1018.63

9/11/2003 1016.42

9/10/2003 1010.92

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9/8/2003 1031.64

9/5/2003 1021.39

9/4/2003 1027.97

9/3/2003 1026.27

9/2/2003 1021.99

8/29/2003 1008.01

8/28/2003 1002.84

8/27/2003 996.79

8/26/2003 996.73

8/25/2003 993.71

8/22/2003 993.06

8/21/2003 1003.27

8/20/2003 1000.3

8/19/2003 1002.35

8/18/2003 999.74

8/15/2003 990.67

8/14/2003 990.51

8/13/2003 984.03

8/12/2003 990.35

8/11/2003 980.59

8/8/2003 977.59

8/7/2003 974.12

8/6/2003 967.08

8/5/2003 965.46

8/4/2003 982.82

8/1/2003 980.15

7/31/2003 990.31

7/30/2003 987.49

7/29/2003 989.28

7/28/2003 996.52

7/25/2003 998.68

7/24/2003 981.6

7/23/2003 988.61

7/22/2003 988.11

7/21/2003 978.8

7/18/2003 993.32

7/17/2003 981.73

7/16/2003 994.09

7/15/2003 1000.42

7/14/2003 1003.86

7/11/2003 998.14

7/10/2003 988.7

7/9/2003 1002.21

7/8/2003 1007.84

7/7/2003 1004.42

7/3/2003 985.7

7/2/2003 993.75

7/1/2003 982.32

6/30/2003 974.5

6/27/2003 976.22

6/26/2003 985.82

6/25/2003 975.32

6/24/2003 983.45

6/23/2003 981.64

6/20/2003 995.69

6/19/2003 994.7

6/18/2003 1010.09

6/17/2003 1011.66

6/16/2003 1010.74

6/13/2003 988.61

6/12/2003 998.51

6/11/2003 997.48

6/10/2003 984.84

6/9/2003 975.93

6/6/2003 987.76

6/5/2003 990.14

6/4/2003 986.24

6/3/2003 971.56

6/2/2003 967

5/30/2003 963.59

5/29/2003 949.64

5/28/2003 953.22

5/27/2003 951.48

5/23/2003 933.22

5/22/2003 931.87

5/21/2003 923.42

5/20/2003 919.73

5/19/2003 920.77

5/16/2003 944.3

5/15/2003 946.67

5/14/2003 939.28

5/13/2003 942.3

5/12/2003 945.11

5/9/2003 933.41

5/8/2003 920.27

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5/6/2003 934.39

5/5/2003 926.55

5/2/2003 930.08

5/1/2003 916.3

4/30/2003 916.92

4/29/2003 917.84

4/28/2003 914.84

4/25/2003 898.81

4/24/2003 911.43

4/23/2003 919.02

4/22/2003 911.37

4/21/2003 892.01

4/17/2003 893.58

4/16/2003 879.91

4/15/2003 890.81

4/14/2003 885.23

4/11/2003 868.3

4/10/2003 871.58

4/9/2003 865.99

4/8/2003 878.29

4/7/2003 879.93

4/4/2003 878.85

4/3/2003 876.45

4/2/2003 880.9

4/1/2003 858.48

3/31/2003 848.18

3/28/2003 863.5

3/27/2003 868.52

3/26/2003 869.95

3/25/2003 874.74

3/24/2003 864.23

3/21/2003 895.79

3/20/2003 875.67

3/19/2003 874.02

3/18/2003 866.45

3/17/2003 862.79

3/14/2003 833.27

3/13/2003 831.9

3/12/2003 804.19

3/11/2003 800.73

3/10/2003 807.48

3/7/2003 828.89

3/6/2003 822.1

3/5/2003 829.85

3/4/2003 821.99

3/3/2003 834.81

2/28/2003 841.15

2/27/2003 837.28

2/26/2003 827.55

2/25/2003 838.57

2/24/2003 832.58

2/21/2003 848.17

2/20/2003 837.1

2/19/2003 845.13

2/18/2003 851.17

2/14/2003 834.89

2/13/2003 817.37

2/12/2003 818.68

2/11/2003 829.2

2/10/2003 835.97

2/7/2003 829.69

2/6/2003 838.15

2/5/2003 843.59

2/4/2003 848.2

2/3/2003 860.32

1/31/2003 855.7

1/30/2003 844.61

1/29/2003 864.36

1/28/2003 858.54

1/27/2003 847.48

1/24/2003 861.4

1/23/2003 887.34

1/22/2003 878.36

1/21/2003 887.62

1/17/2003 901.78

1/16/2003 914.6

1/15/2003 918.22

1/14/2003 931.66

1/13/2003 926.26

1/10/2003 927.57

1/9/2003 927.57

1/8/2003 909.93

1/7/2003 922.93

1/6/2003 929.01

1/3/2003 908.59

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12/30/2002 879.39

12/27/2002 875.4

12/26/2002 889.66

12/24/2002 892.47

12/23/2002 897.38

12/20/2002 895.76

12/19/2002 884.25

12/18/2002 891.12

12/17/2002 902.99

12/16/2002 910.4

12/13/2002 889.48

12/12/2002 901.58

12/11/2002 904.96

12/10/2002 904.45

12/9/2002 892

12/6/2002 912.23

12/5/2002 906.55

12/4/2002 917.58

12/3/2002 920.75

12/2/2002 934.53

11/29/2002 936.31

11/27/2002 938.87

11/26/2002 913.31

11/25/2002 932.87

11/22/2002 930.55

11/21/2002 933.76

11/20/2002 914.15

11/19/2002 896.74

11/18/2002 900.36

11/15/2002 909.83

11/14/2002 904.27

11/13/2002 882.53

11/12/2002 882.95

11/11/2002 876.19

11/8/2002 894.74

11/7/2002 902.65

11/6/2002 923.76

11/5/2002 915.39

11/4/2002 908.35

11/1/2002 900.96

10/31/2002 885.76

10/30/2002 890.71

10/29/2002 882.15

10/28/2002 890.23

10/25/2002 897.65

10/24/2002 882.5

10/23/2002 896.14

10/22/2002 890.16

10/21/2002 899.72

10/18/2002 884.39

10/17/2002 879.2

10/16/2002 860.02

10/15/2002 881.27

10/14/2002 841.44

10/11/2002 835.32

10/10/2002 803.92

10/9/2002 776.76

10/8/2002 798.55

10/7/2002 785.28

10/4/2002 800.58

10/3/2002 818.95

10/2/2002 827.91

10/1/2002 847.91

9/30/2002 815.28

9/27/2002 827.37

9/26/2002 854.95

9/25/2002 839.66

9/24/2002 819.29

9/23/2002 833.7

9/20/2002 845.39

9/19/2002 843.32

9/18/2002 869.46

9/17/2002 873.52

9/16/2002 891.1

9/13/2002 889.81

9/12/2002 886.91

9/11/2002 909.45

9/10/2002 909.58

9/9/2002 902.96

9/6/2002 893.92

9/5/2002 879.15

9/4/2002 893.4

9/3/2002 878.02

8/30/2002 916.07

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8/28/2002 917.87

8/27/2002 934.82

8/26/2002 947.95

8/23/2002 940.86

8/22/2002 962.7

8/21/2002 949.36

8/20/2002 937.43

8/19/2002 950.7

8/16/2002 928.77

8/15/2002 930.25

8/14/2002 919.62

8/13/2002 884.21

8/12/2002 903.8

8/9/2002 908.64

8/8/2002 905.46

8/7/2002 876.77

8/6/2002 859.57

8/5/2002 834.6

8/2/2002 864.24

8/1/2002 884.66

7/31/2002 911.62

7/30/2002 902.78

7/29/2002 898.96

7/26/2002 852.84

7/25/2002 838.68

7/24/2002 843.43

7/23/2002 797.7

7/22/2002 819.85

7/19/2002 847.75

7/18/2002 881.56

7/17/2002 906.04

7/16/2002 900.94

7/15/2002 917.93

7/12/2002 921.39

7/11/2002 927.37

7/10/2002 920.47

7/9/2002 952.83

7/8/2002 976.98

7/5/2002 989.03

7/3/2002 953.99

7/2/2002 948.09

7/1/2002 968.65

6/28/2002 989.82

6/27/2002 990.64

6/26/2002 973.53

6/25/2002 976.14

6/24/2002 992.72

6/21/2002 989.14

6/20/2002 1006.29

6/19/2002 1019.99

6/18/2002 1037.14

6/17/2002 1036.17

6/14/2002 1007.27

6/13/2002 1009.56

6/12/2002 1020.26

6/11/2002 1013.6

6/10/2002 1030.74

6/7/2002 1027.53

6/6/2002 1029.15

6/5/2002 1049.9

6/4/2002 1040.69

6/3/2002 1040.68

5/31/2002 1067.14

5/30/2002 1064.66

5/29/2002 1067.66

5/28/2002 1074.55

5/24/2002 1083.82

5/23/2002 1097.08

5/22/2002 1086.02

5/21/2002 1079.88

5/20/2002 1091.88

5/17/2002 1106.59

5/16/2002 1098.23

5/15/2002 1091.07

5/14/2002 1097.28

5/13/2002 1074.56

5/10/2002 1054.99

5/9/2002 1073.01

5/8/2002 1088.85

5/7/2002 1049.49

5/6/2002 1052.67

5/3/2002 1073.43

5/2/2002 1084.56

5/1/2002 1086.46

4/30/2002 1076.92

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4/26/2002 1076.32

4/25/2002 1091.48

4/24/2002 1093.14

4/23/2002 1100.96

4/22/2002 1107.83

4/19/2002 1125.17

4/18/2002 1124.47

4/17/2002 1126.07

4/16/2002 1128.37

4/15/2002 1102.55

4/12/2002 1111.01

4/11/2002 1103.69

4/10/2002 1130.47

4/9/2002 1117.8

4/8/2002 1125.29

4/5/2002 1122.73

4/4/2002 1126.34

4/3/2002 1125.4

4/2/2002 1136.76

4/1/2002 1146.54

3/28/2002 1147.39

3/27/2002 1144.58

3/26/2002 1138.49

3/25/2002 1131.87

3/22/2002 1148.7

3/21/2002 1153.59

3/20/2002 1151.85

3/19/2002 1170.29

3/18/2002 1165.55

3/15/2002 1166.16

3/14/2002 1153.04

3/13/2002 1154.09

3/12/2002 1165.58

3/11/2002 1168.26

3/8/2002 1164.31

3/7/2002 1157.54

3/6/2002 1162.77

3/5/2002 1146.14

3/4/2002 1153.84

3/1/2002 1131.78

2/28/2002 1106.73

2/27/2002 1109.89

2/26/2002 1109.38

2/25/2002 1109.43

2/22/2002 1089.84

2/21/2002 1080.95

2/20/2002 1097.98

2/19/2002 1083.34

2/15/2002 1104.18

2/14/2002 1116.48

2/13/2002 1118.51

2/12/2002 1107.5

2/11/2002 1111.94

2/8/2002 1096.22

2/7/2002 1080.17

2/6/2002 1083.51

2/5/2002 1090.02

2/4/2002 1094.44

2/1/2002 1122.2

1/31/2002 1130.2

1/30/2002 1113.57

1/29/2002 1100.64

1/28/2002 1133.06

1/25/2002 1133.28

1/24/2002 1132.15

1/23/2002 1128.18

1/22/2002 1119.31

1/18/2002 1127.58

1/17/2002 1138.88

1/16/2002 1127.57

1/15/2002 1146.19

1/14/2002 1138.41

1/11/2002 1145.6

1/10/2002 1156.55

1/9/2002 1155.14

1/8/2002 1160.71

1/7/2002 1164.89

1/4/2002 1172.51

1/3/2002 1165.27

1/2/2002 1154.67

12/31/2001 1148.08

12/28/2001 1161.02

12/27/2001 1157.13

12/26/2001 1149.37

12/24/2001 1144.65

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12/21/2001 1144.89

12/20/2001 1139.93

12/19/2001 1149.56

12/18/2001 1142.92

12/17/2001 1134.36

12/14/2001 1123.09

12/13/2001 1119.38

12/12/2001 1137.07

12/11/2001 1136.76

12/10/2001 1139.93

12/7/2001 1158.31

12/6/2001 1167.1

12/5/2001 1170.35

12/4/2001 1144.8

12/3/2001 1129.9

11/30/2001 1139.45

11/29/2001 1140.2

11/28/2001 1128.52

11/27/2001 1149.5

11/26/2001 1157.42

11/23/2001 1150.34

11/21/2001 1137.03

11/20/2001 1142.66

11/19/2001 1151.06

11/16/2001 1138.65

11/15/2001 1142.24

11/14/2001 1141.21

11/13/2001 1139.09

11/12/2001 1118.33

11/9/2001 1120.31

11/8/2001 1118.54

11/7/2001 1115.8

11/6/2001 1118.86

11/5/2001 1102.84

11/2/2001 1087.2

11/1/2001 1084.1

10/31/2001 1059.78

10/30/2001 1059.79

10/29/2001 1078.3

10/26/2001 1104.61

10/25/2001 1100.09

10/24/2001 1085.2

10/23/2001 1084.78

10/22/2001 1089.9

10/19/2001 1073.48

10/18/2001 1068.61

10/17/2001 1077.09

10/16/2001 1097.54

10/15/2001 1089.98

10/12/2001 1091.65

10/11/2001 1097.43

10/10/2001 1080.99

10/9/2001 1056.75

10/8/2001 1062.44

10/5/2001 1071.38

10/4/2001 1069.63

10/3/2001 1072.28

10/2/2001 1051.33

10/1/2001 1038.55

9/28/2001 1040.94

9/27/2001 1018.61

9/26/2001 1007.04

9/25/2001 1012.27

9/24/2001 1003.45

9/21/2001 965.8

9/20/2001 984.54

9/19/2001 1016.1

9/18/2001 1032.74

9/17/2001 1038.77

9/10/2001 1092.54

9/7/2001 1085.78

9/6/2001 1106.4

9/5/2001 1131.74

9/4/2001 1132.94

8/31/2001 1133.58

8/30/2001 1129.03

8/29/2001 1148.56

8/28/2001 1161.51

8/27/2001 1179.21

8/24/2001 1184.93

8/23/2001 1162.09

8/22/2001 1165.31

8/21/2001 1157.26

8/20/2001 1171.41

8/17/2001 1161.97

8/16/2001 1181.66

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8/14/2001 1186.73

8/13/2001 1191.29

8/10/2001 1190.16

8/9/2001 1183.43

8/8/2001 1183.53

8/7/2001 1204.4

8/6/2001 1200.48

8/3/2001 1214.35

8/2/2001 1220.75

8/1/2001 1215.93

7/31/2001 1211.23

7/30/2001 1204.52

7/27/2001 1205.82

7/26/2001 1202.93

7/25/2001 1190.49

7/24/2001 1171.65

7/23/2001 1191.03

7/20/2001 1210.85

7/19/2001 1215.02

7/18/2001 1207.71

7/17/2001 1214.44

7/16/2001 1202.45

7/13/2001 1215.68

7/12/2001 1208.14

7/11/2001 1180.18

7/10/2001 1181.52

7/9/2001 1198.78

7/6/2001 1190.59

7/5/2001 1219.24

7/3/2001 1234.45

7/2/2001 1236.72

6/29/2001 1224.38

6/28/2001 1226.2

6/27/2001 1211.07

6/26/2001 1216.76

6/25/2001 1218.6

6/22/2001 1225.35

6/21/2001 1237.04

6/20/2001 1223.14

6/19/2001 1212.58

6/18/2001 1208.43

6/15/2001 1214.36

6/14/2001 1219.87

6/13/2001 1241.6

6/12/2001 1255.85

6/11/2001 1254.39

6/8/2001 1264.96

6/7/2001 1276.96

6/6/2001 1270.03

6/5/2001 1283.57

6/4/2001 1267.11

6/1/2001 1260.67

5/31/2001 1255.82

5/30/2001 1248.08

5/29/2001 1267.93

5/25/2001 1277.89

5/24/2001 1293.17

5/23/2001 1289.05

5/22/2001 1309.38

5/21/2001 1312.83

5/18/2001 1291.96

5/17/2001 1288.49

5/16/2001 1284.99

5/15/2001 1249.44

5/14/2001 1248.92

5/11/2001 1245.67

5/10/2001 1255.18

5/9/2001 1255.54

5/8/2001 1261.2

5/7/2001 1263.51

5/4/2001 1266.61

5/3/2001 1248.58

5/2/2001 1267.43

5/1/2001 1266.44

4/30/2001 1249.46

4/27/2001 1253.05

4/26/2001 1234.52

4/25/2001 1228.75

4/24/2001 1209.47

4/23/2001 1224.36

4/20/2001 1242.98

4/19/2001 1253.69

4/18/2001 1238.16

4/17/2001 1191.81

4/16/2001 1179.68

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4/11/2001 1165.89

4/10/2001 1168.38

4/9/2001 1137.59

4/6/2001 1128.43

4/5/2001 1151.44

4/4/2001 1103.25

4/3/2001 1106.46

4/2/2001 1145.87

3/30/2001 1160.33

3/29/2001 1147.95

3/28/2001 1153.29

3/27/2001 1182.17

3/26/2001 1152.69

3/23/2001 1139.83

3/22/2001 1117.58

3/21/2001 1122.14

3/20/2001 1142.62

3/19/2001 1170.81

3/16/2001 1150.53

3/15/2001 1173.56

3/14/2001 1166.71

3/13/2001 1197.66

3/12/2001 1180.16

3/9/2001 1233.42

3/8/2001 1264.74

3/7/2001 1261.89

3/6/2001 1253.8

3/5/2001 1241.41

3/2/2001 1234.18

3/1/2001 1241.23

2/28/2001 1239.94

2/27/2001 1257.94

2/26/2001 1267.65

2/23/2001 1245.86

2/22/2001 1252.82

2/21/2001 1255.27

2/20/2001 1278.94

2/16/2001 1301.53

2/15/2001 1326.61

2/14/2001 1315.92

2/13/2001 1318.8

2/12/2001 1330.31

2/9/2001 1314.76

2/8/2001 1332.53

2/7/2001 1340.89

2/6/2001 1352.26

2/5/2001 1354.31

2/2/2001 1349.47

2/1/2001 1373.47

1/31/2001 1366.01

1/30/2001 1373.73

1/29/2001 1364.17

1/26/2001 1354.95

1/25/2001 1357.51

1/24/2001 1364.3

1/23/2001 1360.4

1/22/2001 1342.9

1/19/2001 1342.54

1/18/2001 1347.97

1/17/2001 1329.47

1/16/2001 1326.65

1/12/2001 1318.55

1/11/2001 1326.82

1/10/2001 1313.27

1/9/2001 1300.8

1/8/2001 1295.86

1/5/2001 1298.35

1/4/2001 1333.34

1/3/2001 1347.56

1/2/2001 1283.27

12/29/2000 1320.28

12/28/2000 1334.22

12/27/2000 1328.92

12/26/2000 1315.19

12/22/2000 1305.95

12/21/2000 1274.86

12/20/2000 1264.74

12/19/2000 1305.6

12/18/2000 1322.74

12/15/2000 1312.15

12/14/2000 1340.93

12/13/2000 1359.99

12/12/2000 1371.18

12/11/2000 1380.2

12/8/2000 1369.89

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12/6/2000 1351.46

12/5/2000 1376.54

12/4/2000 1324.97

12/1/2000 1315.23

11/30/2000 1314.95

11/29/2000 1341.93

11/28/2000 1336.09

11/27/2000 1348.97

11/24/2000 1341.77

11/22/2000 1322.36

11/21/2000 1347.35

11/20/2000 1342.62

11/17/2000 1367.72

11/16/2000 1372.32

11/15/2000 1389.81

11/14/2000 1382.95

11/13/2000 1351.26

11/10/2000 1365.98

11/9/2000 1400.14

11/8/2000 1409.28

11/7/2000 1431.87

11/6/2000 1432.19

11/3/2000 1426.69

11/2/2000 1428.32

11/1/2000 1421.22

10/31/2000 1429.4

10/30/2000 1398.66

10/27/2000 1379.58

10/26/2000 1364.44

10/25/2000 1364.9

10/24/2000 1398.13

10/23/2000 1395.78

10/20/2000 1396.93

10/19/2000 1388.76

10/18/2000 1342.13

10/17/2000 1349.97

10/16/2000 1374.62

10/13/2000 1374.17

10/12/2000 1329.78

10/11/2000 1364.59

10/10/2000 1387.02

10/9/2000 1402.03

10/6/2000 1408.99

10/5/2000 1436.28

10/4/2000 1434.32

10/3/2000 1426.46

10/2/2000 1436.23

9/29/2000 1436.51

9/28/2000 1458.29

9/27/2000 1426.57

9/26/2000 1427.21

9/25/2000 1439.03

9/22/2000 1448.72

9/21/2000 1449.05

9/20/2000 1451.34

9/19/2000 1459.9

9/18/2000 1444.51

9/15/2000 1465.81

9/14/2000 1480.87

9/13/2000 1484.91

9/12/2000 1481.99

9/11/2000 1489.26

9/8/2000 1494.5

9/7/2000 1502.51

9/6/2000 1492.25

9/5/2000 1507.08

9/1/2000 1520.77

8/31/2000 1517.68

8/30/2000 1502.59

8/29/2000 1509.84

8/28/2000 1514.09

8/25/2000 1506.45

8/24/2000 1508.31

8/23/2000 1505.97

8/22/2000 1498.13

8/21/2000 1499.48

8/18/2000 1491.72

8/17/2000 1496.07

8/16/2000 1479.85

8/15/2000 1484.43

8/14/2000 1491.56

8/11/2000 1471.84

8/10/2000 1460.25

8/9/2000 1472.87

8/8/2000 1482.8

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8/4/2000 1462.93

8/3/2000 1452.56

8/2/2000 1438.7

8/1/2000 1438.1

7/31/2000 1430.83

7/28/2000 1419.89

7/27/2000 1449.62

7/26/2000 1452.42

7/25/2000 1474.47

7/24/2000 1464.29

7/21/2000 1480.19

7/20/2000 1495.57

7/19/2000 1481.96

7/18/2000 1493.74

7/17/2000 1510.49

7/14/2000 1509.98

7/13/2000 1495.84

7/12/2000 1492.92

7/11/2000 1480.88

7/10/2000 1475.62

7/7/2000 1478.9

7/6/2000 1456.67

7/5/2000 1446.23

7/3/2000 1469.54