The law of supply and demand weighed on the energy sector, but all three main U.S. equity indexes opened in the green and held their gains throughout Tuesday's trading session. Technology turned positive again, but materials and health care stocks led the way higher as the Dow Jones Industrial Average set another new all-time closing high and the S&P 500 notched its first fresh record of the new year.
Energy stocks were one of only two of the 11 S&P 500 sectors to post negative returns on Tuesday. "There seems to be significant doubt concerning the oil majors' commitment to jumping into the Venezuela space to increase production," says Mizuho Securities USA Director of Energy Futures Robert Yawger, who notes that West Texas Intermediate (WTI) crude oil has been trading below $60 per barrel since December 8.
