Utilities Down as Treasury Yields Rise - Utilities Roundup
Dow Jones08-22 05:16
Shares of power producers fell sharply as Treasury yields continued their ascent.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, fell by more than 2%, slipping in the red for the year to date. Elevated Treasury yields are a double whammy for utilities, which carry high debt loads often pegged to government bond yields and compete for the same pool of investors' dollars.
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