Shares of power producers fell as the yield on the 10-year Treasury note briefly broke through the psychologically significant 5% level.
“Utilities are down almost 16%,” said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
“With rates higher, why does an investor want to put money at risk buying utilities.
Plus they’re so debt-laden, and to the extent that interest is variable, it’s costing more to do business.”
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