Shares of energy companies slid as investors reversed a rotation into the cyclical, value sector from growth sectors like technology.
Strong earnings from Netflix have sparked a rotation back into technology stocks this week.
Oil futures fell after a surprisingly large buildup of oil stockpiles reported by a private survey group. The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 2.6 million barrels in the week ended Jan. 15.
The price of natural gas fell for the third straight session as forecasts for warmer weather in many parts of the U.S. weighed on the demand outlook.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
January 21, 2021 17:00 ET (22:00 GMT)
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