Utilities Down Amid Cyclical Bias -- Utilities Roundup
Shares of power-plant operators declined as the prevailing sectoral trends of the last six months, rising cyclical stocks and falling defensive stocks, re-established themselves after last week's reversal. Utilities did not suffer as much as cyclical stocks in the stock-market correction, noted analysts at brokerage Goldman Sachs, in a research note. While losses on bond proxies such as utilities were less severe than those of the broad Standard & Poor's 500 on Friday and Monday, they are deeper into the red for the year-to-date. The SPDR Utilities Select Sector exchange-traded fund, which tracks the price of the S&P 500 utility sector, is down about 15% since its November highs, while the broad market is up more than 5% over the same period.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
February 06, 2018 16:59 ET (21:59 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.