The third year of bull markets can be a time of transition. As the year goes on many investors begin to shift from stocks that have appreciated sharply over the past two years into a more defensive stance, says Sam Stovall, chief investment strategist at Standard & Poor鈥檚 Equity Research in New York.
鈥淎s investors question the sustainability of the aging bull market, they would rather embrace sectors where the demand is fairly static,鈥� says Mr. Stovall. 鈥淭hat is why investors gravitate towards energy, consumer staples, health care and utilities.鈥�
