Shares of power producers rose as upward momentum built in the sector due to interest-rate optimism.
"I think it's pretty clear based on Jerome Powell's comments last week that, while a rate cut is not imminent, there's no conditions in sight that would cause a rate hike," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
"And that's meaningful. If you read the tea-leaves there, what the Fed chamriman is saying is, 'hey, we're moving in the right direction, everything's working to plan, sort of, but there's a little bit of work left to do," said Pursche.
Siemens Energy shares rose after the maker of utility equipment boosted its growth projections, and named a new head of its Gamesa wind unit.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-08-24 1730ET