Utilities Hit All-Time Highs After Inflation Data — Utilities Roundup
Shares of power producers rose to all-time highs after muted inflation data left the Federal Reserve room for more rate cuts.
The SPDR Select Sector Utilities exchange-traded fund rose 1% to $80.49, and has risen by more than 18% for the last six months.
Hurricane Helene swept across the Florida panhandle, Georgia and the Carolinas as one of the Southeast's most powerful storms, knocking out power to millions and leaving at least 22 people dead.
The likelihood of slowing economic activity and further Federal Reserve rate cuts have buoyed evergreen, rate-sensitive, investments such as gold and utilities. Utilities are also receiving a lift from the related decline of Treasury yields to multiyear lows.
Clean-energy startup Monolith, which has big Wall Street backers and a deal for a $1 billion government loan, is running short on cash and facing project delays, potentially jeopardizing its long-promised expansion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
September 27, 2024 17:51 ET (21:51 GMT)
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