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Utility Stocks Fell as Treasury Yields Strengthened Last Week

Vincent Kruger
Utility Stocks Fell as Treasury Yields Strengthened Last Week

There was a significant bout of selling in utilities last week. The Utilities Select Sector SPDR ETF (XLU), a representative of the S&P 500 Utilities Index, fell 2.3% as the benchmark Treasury yield rose sharply. Broader markets continued to surge and rose 0.4% in the week. On September 19, the ten-year Treasury yield rose to 3.07%, its four-month high.