Utilities Drop as Treasury Yields Rise -- Utilities Roundup

Shares of power producers fell sharply as Treasury yields rose.

Higher Treasury yields present stiff competition to the dividend-oriented utility sector, which is often used as an alternative to bonds.

"This election year, a defensive portfolio should be a strong candidate," said Saira Malik, chief investment officer at money manager Nuveen.

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(END) Dow Jones Newswires

01-16-24 1735ET