For the year to date in 2016, shares in Goldman Sachs Group Inc. (NYSE: GS) trade down about 15.1% and are the worst performers among the 30 stocks that comprise the Dow Jones Industrial Avenue. The financial sector as a group is down nearly 6.4% in the quarter to date and down 9.14% year over year.

When the Federal Reserve in December raised its policy interest rate from a range of 0.00% to 0.25% to a new range of $0.25% to 0.50%, the move was viewed as positive for banks, but it wasn’t until the March FOMC meeting announcement that investors began to believe the financial sector would not get pummeled by rate hikes.

The Fed saw stability returning to global markets and a solid increase in energy prices since February as signals that the economy is doing better and that just two rather than four rate hikes are on tap for this year. Although energy stocks are still depressed, the sector has added 3% so far in 2016.

Higher prices for oil and natural gas could delay or even prevent credit rating adjustments for many midsized and small energy producers that might otherwise default on billions of dollars in loans. The level of junk-rated debt exceeded $110 billion at the end of 2014 and total borrowing, excluding Exxon Mobil and Chevron, is expected to exceed $200 billion when 2015 data become available.

On December 31, 2015, Goldman’s shares closed at $180.23. On Thursday the shares closed at $153.00, down 0.7% for the day and down about 0.8% for the week. The stock’s 52-week range is $139.05 to $218.77, and the consensus price target is $189.42. The high target is $245 and the low is $125.

Goldman is the second most heavily weighted stock among the Dow 30 at 5.98%. It has ceded its top weighting to 3M, which now carries a Dow weighting of 6.43%.

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