ellis-mnyandu http://blogs.reuters.com/ellis-mnyandu ellis-mnyandu's Profile Mon, 04 Jan 2010 14:30:14 +0000 en-US hourly 1 http://wordpress.org/?v=3.4.2 XL-sized gains for 2009′s best performing U.S. stock http://blogs.reuters.com/globalinvesting/2009/12/31/xl-sized-gains-for-2009s-best-performing-u-s-stock/ http://blogs.reuters.com/ellis-mnyandu/2009/12/31/xl-sized-gains-for-2009s-best-performing-u-s-stock/#comments Thu, 31 Dec 2009 13:04:45 +0000 Ellis Mnyandu http://blogs.reuters.com/ellis-mnyandu/2009/12/31/xl-sized-gains-for-2009s-best-performing-u-s-stock/ The S&P 500 has closed out its first annual advance in two years, underpinned by strength in the technology and materials sectors on hopes that the economic recovery will spur a rebound in capital spending and fuel demand for natural resources.

The benchmark index ended 2009 up 23.5 percent on the year, reversing a slide of 38.5 percent in 2008. The S&P 500 is now off 28.8 percent from its October 2007 record close.

The run-up in sectors like technology underscores the extent of the damage done to financial stocks in the credit crisis of 2008. Financials were once the largest sector in the S&P 500, but tech is now the biggest. The top 10 S&P 500 stock performers of 2009 do not include a major U.S. bank. Heading the list is Bermuda-based insurer XL Capital.

Citigroup has lost half its value this year, putting it among the S&P 500′s top 10 laggards. But Ford is among the standouts as the automaker continues to steer itself through the turmoil that sent rivals Chrysler and General Motors into bankruptcy.

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See also:  Factbox of major market moves for 2009

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