Shares of power-plant operators rose as the yield on the 10-year Treasury note hit its lowest level since the presidential election.
Utilities have often traded as "bond proxies," rising when interest rates fall and vice versa, as they are seen as competitors for the dollars of fixed-income investors. Utilities have outperformed telecommunications, another traditionally defensive, dividend-paying sector, so far this year, and analysts at brokerage Morgan Stanley said they continue to prefer power companies to phone carriers.
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Puerto Rico Gov. Ricardo Rossello early Thursday said 68% of the customers of Puerto Rico's electric utility lacked power. Outages are affecting hospitals, requiring the relocation of patients in many cases.
Hundreds of thousands of more homes could lose power if Hurricane Irma hits southern Florida late this weekend as some weather forecasters expect.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
September 07, 2017 17:04 ET (21:04 GMT)