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Published: Jun 17, 2022 5 min read

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Photocollage of a bear and some oil pumps backed by a stock market ticker background
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A months-long selloff finally culminated in stocks officially entering a bear market this week. But one area of the market is actually thriving.

The S&P 500, a benchmark commonly used to measure how stocks are doing overall, fell into a bear market on Monday, closing down around 22% from its high in early January. While nearly all 11 sectors of the S&P 500 — from industrials to health care to financials — have struggled this year, the energy sector is booming.

Energy stocks in the S&P 500 are up 39% in 2022, according to data from S&P Dow Jones Indices. Gas companies Exxon Mobil and Chevron are up 42% and 29% for the year, respectively. Marathon Oil's stock price has risen around 50%, and Occidental Petroleum is up 82%.

Meanwhile, consumer discretionary stocks, which include companies like eBay that sell nonessential goods and services, are down around 35% for the year. Communication services stock have fallen 32% and information technology stocks are down nearly 30%.