Shares of telecommunications companies were flat on signs the federal government could shut down.
Defensive sectors such as telecommunications and utility stocks came into favor ahead of the 2016 presidential election on uncertainty about the economic outlook and interest rates. The election of Donald Trump, and more recently, the passage of the tax overhaul bill, caused a rotation out of the defensive areas into sectors such as financials and industrials. On Thursday, as negotiations between Republicans and Democrats in Washington, D.C., dragged on, the "Trump trades" wobbled.
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Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 18, 2018 17:20 ET (22:20 GMT)