The end of the Federal Reserve's bond-buying program could signal a return to more normal motivations for investors in the stock market.

Stock Markets & Sectors in the US - Bloomberg

Read More Federal Reserve Open Market Operations Explains. While most economists and market analysts believe the U. Consumer staples, another defensive sector, has blown away the normally stronger early and midcycle consumer discretionary sector— The three other worst-performing sectors have been energy —1.

List of Major Stock Market Sectors - dicajytuh.web.fc2.com

Most analysts attribute the unusually strong performance of utilities at this stage of the business cycle to investors' search for yield in an environment of ultralow interest rates. While the Fed has ended its quantitative easing program, the yield on the year Treasury bond is a paltry 2.

With their fat dividends and consistent if uninspiring economic performance, utility stocks have become a popular alternative to fixed-income investments.

The strength of health-care stocks and consumer staples is likely a reflection of investors' continuing lack of confidence in the economy. Read More Like it or not, Obamacare's juicing health stocks.

Stock Market Sector Wise Performance and Analysis Today, Sector Wise Percentage Gain or Loss in the Market Cap - BSE Sector Scan

He rotates in and out of sector exchange-traded funds based on technical price momentum, not business-cycle indicators.

Which sectors are likely to perform best? The midcycle is typically the longest phase of the business cycle, and the least clear cut in terms of sector-performance leadership.

Historically, technology up Several factors could extend this midcycle phase.

Read More Biggest stock 'bubble' mistakes. The first is the relative weakness of consumer spending since the financial crisis.

Despite healthy job creation of late, wage growth—the biggest factor in overall inflation —continues to be muted. The second is economic weakness in Europe and Asia. Many analysts expect it to lengthen this period of moderate growth with low inflation in the U. Read More Think the market's rigged?

Reading the business cycle accurately may help anticipate how sectors will perform relative to each other, but it won't save you from major market corrections—which usually happen in the midcycle period.

With the market roaring back after a 9 percent drop in October, it is up more than 50 percent in the last two years and hasn't had a more than 10 percent correction since the summer of Valuations may have more influence in the market now than business-cycle factors, said David Grecsek, director of investment strategy and research at registered investment advisor Aspiriant.

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Register Log In Profile Email Preferences PRO Sign Out. The top-performing sectors of the US stock market Andrew Osterland. Read More Like it or not, Obamacare's juicing health stocks "Normally, you want health-care stocks and consumer staples in down markets and consumer discretionary when markets are up," said Jerry Miccolis, manager of the Giralda Fund.

Read More Biggest stock 'bubble' mistakes The first is the relative weakness of consumer spending since the financial crisis. Advisor Reading the business cycle accurately may help anticipate how sectors will perform relative to each other, but it won't save you from major market corrections—which usually happen in the midcycle period. Andrew Osterland Special to CNBC.