(Bloomberg) -- For all the hand wringing over the recent rout in tech stocks, the group’s been the saving grace for stocks during the worst quarter for American equities in 2 1/2 years.
But the troubles belie just how strong the group started the year.
The S&P 500 Index technology group rallied 7.5 percent in January, while consumer discretionary shares, which include Amazon.com and Netflix, surged 9.2 percent. With a day and a half left in the quarter, those two are the only groups out of 11 in the benchmark index higher for the year.
Meanwhile, the tech-heavy Nasdaq 100 Index is higher by 1 percent in the three months, while the S&P 500 Index has fallen 2.2 percent -- the most since mid-2015.
©2018 Bloomberg L.P.