Utilities Up as Traders Skeptical of Fed's Path -- Utilities Roundup
Shares of power-plant operators rose despite the Federal Reserve's decision to hike interest rates. That the utilities sector, which is considered a "bond proxy" because it moves in line with Treasury bond prices, should rise is an indication that investors doubt the Fed will remain on its hiking path, said Quincy Krosby, chief market strategist at Prudential Financial, as reported earlier. GenOn Energy Inc. filed for chapter 11 bankruptcy, seeking to reduce debt and settle accusations that parent NRG Energy Inc. improperly extracted over $520 million from the subsidiary.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
June 14, 2017 16:41 ET (20:41 GMT)