Shares of power producers rallied as traders rotated into the sector, which had fallen out of favor in recent years.
One strategist said the strength in the utilities sector was part of a broader portfolio reallocation triggered by the realization that the Federal Reserve was not going to cut rates as soon as previously assumed.
"Investors are still kind of going through a recalibration of what it might mean for the economy and for stocks and earnings if interest rates stay at current levels for the year," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-24-24 1721ET
