Shares of power producers were more or less flat as traders rotated into cyclical sectors.
A combination of rising risk appetite and falling long-term bond prices has proved toxic for utilities. With 30-year Treasury yields hovering around 19-year highs, investors are passing over dividend-oriented stocks in favor of the bond market.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, has dropped back near the flat line for the year to date, giving back substantial gains.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
