Shares of power producers rose, but not by as much as the broad market, as traders rotated into cyclical sectors, responding to positive economic data.
The Utility Select Sector SPDR exchange-traded fund, which tracks the utility industry group on the S&P 500, rose about 2.5% for the week, lagging the index. Investors had piled into utilities during the first half of the year because they were viewed as being less susceptible to the fallout of inflation and economic slowdown.
As economic optimism grows, investors are migrating back to the financial and technology sectors.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-12-22 1736ET
