Friday, February 7, 2020

S&P 500 energy vs tech at lowest level since March 2000

Energy producers have almost completed a 20-year round trip relative to technology companies within the S&P 500 Index. The ratio between their S&P 500 industry-group indexes fell this week to its lowest level since March 2000, when an Internet-driven bull market peaked. The low followed the ratio’s 87% retreat from a high in July 2008, when oil traded at a record $147.27 a barrel in New York. “Can energy stage a rally while tech falls? We think so,” Jonathan Krinsky, chief market technician at Bay Crest Partners LLC, wrote Wednesday in a report that highlighted the ratio.

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