The major sector groups of the S&P 500 have recovered some of the ground they lost in what has been a volatile couple of weeks. The index has closed lower in three of the first four trading days this month, with Tuesday's gain coming off prior daily returns of -2.1% and -4.1%.
Higher interest rates have been the primary driver of market concerns as higher borrowing costs can hamper growth an increase inflation. Energy stocks have been dinged by reports of increased U.S. crude supply that has pushed a barrel of West Texas Intermediate down to $61.80 from a three-year high of $66.22 on Jan. 26.
Utilities, typically the low-volatility department of the market, survived the initial downturn relatively well before investors sold the sector to pick over Monday's ruins.