When we look back at last week’s action, a few things stand out to me. First, the aggressive sectors – financials, consumer discretionary, technology and industrials – held up quite well on a relative basis. That should be seen as a positive. The worst performing group was utilities, which makes sense as the yield on the 10 year treasury ($TNX) soared. The fear of rising interest rates spooked the market last week, but I don’t believe we’ve necessarily entered a long-term period of higher interest rates.