Big tech may be driving the stock market, but after a blow-out first quarter, big oil would like a word.
After finishing 2023 in the red as the broader market soared, energy stocks have started 2024 with a sharp rally that has them beating tech indexes this year. Specifically, the closely watched Energy Select Sector exchange-traded fund, or XLE, is up more than 13 per cent since the start of January while the Nasdaq 100 Index has gained just 8.7 per cent. Rising oil is helping, as West Texas Intermediate crude broke above $80 a barrel in mid-March for the first time since November and held there.
