Pandemic-friendly tech companies touched off the market’s big rally last year. Now it’s being sustained by throwbacks like oil drillers and financial firms.
Marathon Oil was the biggest gainer in the SP 500 in the first half of 2021 as oil prices rebounded and the economy accelerated. Other traditionally staid sectors have also experienced big gains.Credit...George Frey/Getty Images
July 2, 2021
Zoom and Peloton are out. Oil drillers and metal miners are in.
Tech companies that made remote living possible — or even bearable — were the center of the action last year as investors sought companies that were either immune to the economic chaos of the pandemic or potential winners from the disruption caused by lockdowns.
But now, money is flowing into old-fashioned sectors where profits are soaring because of the rebounding economy, which is growing at the fastest rate since the early 1980s.
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