S&P 500's Winners and Losers After Fed Decision to Hike : Chart

Phone-service providers are outperforming and financial shares are suffering since the Federal Reserve’s December interest-rate hike, a combination that’s caught many fund managers off guard. Investors had anticipated higher yields would boost bank shares by helping their profits, while dividend stocks would be hurt by their payouts becoming less attractive. The exact opposite happened. Since the central bank’s announcement on Dec. 16, financial shares have dropped more than 8 percent for the biggest loss in the Standard & Poor’s 500 Index, while phone-service providers and utility stocks, industries with the highest payout ratios, are the best performers.

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