Shares of power producers rose as the sector gradually returned to favor.

The utilities industry group of the S&P 500 is down by the largest increment of any of the 11 on the broad index over the last 12 months, something one strategist said does not reflect the industry's prospects.

"That's despite the fact that there's projected growth [of electricity consumption] -- whether it's from AI, crypto-mining, data storage, or electric-vehicle usage," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. For 2024 so far, the utilities sector is faring better, however.

The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, is up about 4.4% for 2024 to date.

Write to Rob Curran at

(END) Dow Jones Newswires

04-29-24 1801ET