Wall Street dropped on Thursday, leaving the S&P 500 marginally lower for a year marked by record highs as well as a major selloff.
In a reversal of one of 2015’s major trends, oil shares moved higher, with the S&P energy sector up 0.34 percent and alone among gainers.
Much of the blame for this year’s underwhelming stock market performance can be laid at the feet of crude oil prices, which lost a third of their value during an unprecedented global glut. The energy sector fell 24 percent, its worst annual performance since the global recession.
The S&P 500 hit a record high in May only to slump 11 percent over eight days in August over fears of a China-led global economic slowdown. The CBOE Volatility index spiked to a seven-year high before the market recovered.