The State Street Energy Select Sector SPDR ETF (XLE), which includes all of the energy stocks in the S&P 500 Index, was up almost 3% last week – making it the top-performing sector yet again.
Meanwhile, financials managed a small gain last week, with the State Street Financials Select Sector SPDR ETF (XLF) up 0.4%.
Every other sector finished the week in the red, with the State Street Utilities Select Sector SPDR ETF (XLU) finishing at the bottom of the pile, down almost 5%.
The massive outperformance in energy needs no explanation.
But what about utilities? Why would utilities, normally considered the safest and most defensive sector, be dropping so hard?
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