Shares of power producers fell sharply as rising Treasury yields weighed on the sector.
Utilities are often seen as an alternative to Treasurys by fixed-income investors, who will toggle back and forth based on the comparison of yields. This week there was a "jolt" higher in the 10-year Treasury yield, which closed at its highest level since the onset of the pandemic, noted Quincy Krosby, chief market strategist at Prudential Financial.
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(END) Dow Jones Newswires