WASHINGTON (Alliance News) - Reflecting concerns about the outlook for monetary policy, interest rate-sensitive utilities stocks have come under pressure during trading on Tuesday. The Dow Jones Utilities Average has slumped by 1.8% after moving roughly sideways in recent sessions.
Con Edison (ED), American Water Works (AWK), and American Electric Power (AEP) are turning in some of the utilities sector's worst performances.
The weakness in the utilities sector comes as upbeat housing and industrial production data along with a report showing a bigger than expected increase in consumer prices has led to renewed speculation about the Federal Reserve raising interest rates next month.
Copyright RTT News/dpa-AFX, source Alliance News