U.S. equities powered their way to another record high last week, as the S&P 500 climbed 1.4 percent to close at 2415.82. The index reversed two weeks of moderate losses and is now higher by 7.9 percent since the start of the year. At the sector level the advance was led by utilities, consumer staples and technology. In fact, the only sector that did not participate was energy, which fell 2.2 percent and is down 11.6 percent year-to-date. This came as crude oil fell by $0.87 cents a barrel, despite the formal extension of production cuts through March by OPEC and other producers, and despite energy stocks producing the strongest earnings growth in the first quarter. The Nasdaq Composite also joined the party, rising 2.1 percent, also closing at a new record high at 6210, now up on the year by 15.4 percent.