Utilities Up Slightly As Traders Rotate Into Cyclicals - Utilities Roundup
July 08 2016 - 6:33PM
Dow Jones News
Shares of power plant operators rose, but not by as much as the
broad market, as traders rotated into more economically sensitive
areas in light of the strong June jobs report. Utilities had gained
at the expense of financials in recent weeks as they were seen as
benefiting from the extension of the low interest-rate era even as
financials suffered from it. That trend reversed itself Friday.
"Financials actually got a bid, and that came at the cost of
utilities which have been moving up," said Quincy Krosby, market
strategist at Prudential Financial. "Money came out of utilities
and went right into financials."
-Rob Curran, rob.curran@dowjones.com
(END) Dow Jones Newswires
July 08, 2016 18:18 ET (22:18 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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