Shares of power producers gave back some of their recent gains, as investors adjusted portfolios at the end of a punishing quarter.
The utility sector of the Standard & Poor's 500 had recouped more than half of its losses from the bear-market low of mid-March earlier this week. Investors may have cashed in their winners at the end of the quarter.
Recent moves are the "combination of a market that's been hammered and pension and endowment rebalancing at the end of the quarter," said Rich Steinberg, chief market strategist at wealth-management firm The Colony Group.
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