The record gains come despite a sluggish performance from pandemic loved sectors, including technology, information technology, consumer staple, and healthcare. What’s more, the communication services sector was the worst performer of the week, with a decline of around 3.5%. The shares of Twitter (NYSE: TWTR) fell almost 12% after Twitter insider secretly recorded CEO Jack Dorsey detailing agenda for further political censorship, stating that “this is going to be much bigger than just one account (@realDOnaldTrump).” Related video: Twitter Insider Secretly Records CEO Jack Dorsey Detailing Agenda For Further Political Censorship Facebook (NASDAQ: FB) also reported big losses of 8.6%, while Alphabet stock (NASDAQ: GOOGL) declined -2.45% in a week.
Gainers of the Week
High single-digit gains from the energy sector helped the broader market index to hit a record high this week, thanks to a rebound in oil prices. The energy sector rallied 7.43% in the week as energy giants Exxon (NYSE: XOM) and Chevron (NYSE: CVX) posted double-digit gains. Several other oil and gas companies have also recorded double-digit gains in the week. Oil prices hit the highest level in one year, with Brent crude oil is currently trading around $56.42 a barrel while U.S. West Texas Intermediate is at $53.57. Financials is the second-best performing sector among the S&P 500 eleven sectors, thanks to strong banking stocks growth. JPMorgan’s (NYSE: JPM) stock price rose almost 4%, and Bank of America’s (NYSE: BAC) stock rallied 3.44%, while Citi Group (NYSE: C) posted more than 4.5% growth in the week. The real estate sector also posted strong returns amid prospects for economic recovery and stimulus packages. Utility stocks have extended the fourth-quarter rally into the New Year. The utility sector jumped 11% in the fourth quarter and grew 1.48% this week. After a robust performance in the past three months, the Materials sector fell 0.61% this week. The sector was up 15% in the last six months.
