Utilities Surge as Traders Rotate Into Laggard Sector — Utilities Roundup
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Dow Jones
Shares of power producers surged as traders rotated into a group that's been a laggard for three years.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, rose by almost 3%, bursting into positive territory for the year to date.
The ETF is trading at $65.20, still shy of its prepandemic peak of $68.59, reached in 2020, which it briefly surpassed in 2022.
Artificial intelligence can bring many benefits to the power sector despite AI systems' enormous use of electricity, renewable-energy fund managers argued at a conference, as reported earlier.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 27, 2024 17:44 ET (21:44 GMT)
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