Powered by supportive statements and actions from US and Eurozone central banks, stock markets reversed second quarter losses. The rally was paced by the S&P 500 which reached a four-year high. Emerging markets banked on Chinese stimulus and shot up in September, closing the gaping lag behind developed markets. Large cap continued to outperform smaller capitalization stocks. Value pulled closer to growth. Energy stocks were the strongest industry group at +10.14%; utilities were the weakest, posting the only negative quarterly return. Leadership was extremely narrow, exemplified by the “Apple effect”. 1.9% of the S&P 500 year-todate return was contributed just by Apple.