XLC - Wall Street gets more bullish on classic defensives for 2021: Alpha Tactics

January, 02 2021 07:17 PM The Communication Services Select Sector SPDR Fund

The year wrapped up with a strong performance from what many called the new defensive sector: big technology companies that had the money to outlast a pandemic lockdown and would also benefit from the work-from-home economy.The S&P 500 (SP500) (SPY) and the Dow (DJI) (DIA) ended the year at record highs. The Nasdaq (COMP) (ONEQ) and Nasdaq 100 (NDX) (QQQ) outperformed and the Russell 2000 (RTY) (IWM) beat the broader market.Among the S&P sectors, Information Technology (XLK) led the pack, rising nearly 42%, with Nvidia (NVDA) leading the way with a 122% jump and Apple (AAPL) boasting a 45.5% rise.The new-defensive theme played out, with the megacap sectors following XLK.Consumer Discretionary (XLY) rose 28%, with Amazon (AMZN) up 18%. Communications Services (XLC) gained 26%, with Facebook (FB) climbing 33% and Alphabet (GOOG) (GOOGL) up 33%.On Wall Street’s sell side, Technology is still a favorite. Analysts have bumped up their ratings

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Wall Street gets more bullish on classic defensives for 2021: Alpha Tactics

Company Name:	The Communication Services Select Sector SPDR Fund
Stock Symbol:	XLC
Market:	NYSE

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