In a quarter marked by market declines of 10-35% in many countries, the S&P 500 was a relative standout after lagging for the first half of the year. Volatility reigned; for example, the three day -10.2% drop from August 20-24 was one of the five steepest on record back to 1927. September once again earned its reputation as the cruelest month for the stock market, with the selloff that began in August continuing through the end of the quarter. Continued fear over slowing global growth led investors to favor growth stocks over value. The overall risk off nature of the market also took down the mid and small-cap indices.