Shares of power producers rose sharply as Treasury yields retreated in the aftermath of jobs data.
The softening of wage inflation in December caused a reversal in bets on another 50-basis-point rate increase. That hastened the biggest weekly retreat for the 30-year Treasury rate since March 2020.
Dividend-seeking investors often use utility stocks as an alternative to Treasurys.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-06-23 1730ET