Energy Sector Is Up, While All Others In S&P 500 Are Down

MarketWatch Pulse

Falling oil prices has become an easy scapegoat for weakness in the stock market, but on Monday the energy sector is the only one of the S&P 500's 10 key sectors that is gaining ground in midday trade. The SPDR Energy ETF was up 0.5%, while the next-best performing ETFs tracking the other nine sectors are the iShares U.S. Telecommunications ETF , which was down 0.1%, and the SPDR Materials ETF , which slipped 0.2%. The worst performing sector was utilities, as the SPDR Utilities ETF shed 1%. Meanwhile, the S&P 500 was down 0.4%, erasing an earlier gain of as much as 0.8%, and continuous crude oil futures were recently 3.3% lower at a 5 1/2-year low. On Friday, when oil futures tumbled 3.6% and the S&P 500 slid 1.6%, energy was the just the fourth-worst performing sector.

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