Despite slowing world growth, increasing concern over geopolitical hotspots like Syria and Iran, uncertainty about Fed policy, profit warnings from bellwethers WalMart and Cisco, and the specter at quarter’s end of a government shutdown, stocks recorded strong performance. For the first time in over 2 years, non-US returns eclipsed the S&P 500. The thesis that Europe has seen the worst of its widespread recessionary conditions encouraged investors. Domestically, growth and smaller cap stocks outpaced value and larger cap shares. Technology turned from a laggard to a leader.