Utility-related exchange-traded funds suffered the most in a largely down week for the market, as high bond yields soured investor interest in the sector.
Utility stocks are normally attractive to investors for their steady dividends, but became less desirable as investors turned to bonds, as yields rose over 5% to their highest level in five years. Bond yields' rise subsided Friday, but not before sinking utility stocks like Exelon(EXC Quote) and PG&E(PCG Quote), each of which lost nearly 7% for the week.
The Ultra Utilities ProShares(UPW Quote) lost $10.40, or 12%, to $78.84 for the week. Utilities HOLDRs(UTH Quote) sunk $7.54, or 5.1%, to $140.16. The iShares Dow Jones US Utilities(IDU Quote) shed $5.03, or 5%, to $96.39. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
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DOWN
154.48
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19.14
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37.61
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0.48
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10 Yr
3.23%
SPDR Gold
115.06
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-1.48%
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-1.72%
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-1.73%
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-1.46%
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