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Utilities Down as Treasury Yields Rise -- Utilities Roundup

09/29/2022 | 05:42pm EST

Shares of power producers fell sharply as Treasury yields rose.

The Select Sector SPDR Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, fell by 4%, approaching its lows for the year.

For most of the inflation-inspired rout in the broad stock market, the utilities sector has clung to positive territory for 2022. A recent increase in Treasury yields has presented competition for the dividend-oriented sector, however.

Investment firm Brookfield Asset Management's renewable-power unit agreed to buy wind and solar firm Scout Clean Energy for $1 billion.

Germany unveiled a wide-ranging price cap on energy in response to growing concerns among German businesses about potential bankruptcies and supply-chain disruptions.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

09-29-22 1742ET

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