Utilities Down As Jobs Report Increases Odds for Rate Hike - Utilities Roundup

Features Dow Jones Newswires

Shares of power-plant operators declined after a relatively strong jobs report was seen as increasing odds of a Federal Reserve rate hike in December. A September rate hike is seen as unlikely because the central bank is expected to concentrate on a plan to unwind its bond holdings at that meeting, said Quincy Krosby, chief market strategist at Prudential Financial. Traders are looking at the December meeting as the next possibility for a hike. Utilities enjoyed a renaissance over the summer as the prospects for a hike seemed to get more remote because of mixed economic data and weak inflation data.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

August 04, 2017 16:37 ET (20:37 GMT)