2017 was another year of strong returns for the S&P 500 with total returns reaching nearly 22%. Breaking it down by sector, we can see that technology led the way again with an astonishing 38.8% return last year. The biggest laggard was the telecom sector, shrinking 1.3%. The only other sector to shrink was the energy sector but they are coming off of an exceptionally strong 2016. While we have yet to reach dot-com bubble levels, an interesting number to watch is how large the technology sector has become as a percent of the overall stock market. At 23.8%, the technology sector is 9% larger than the second largest sector - financials.