Only Sector Winning in U.S.-China Trade War Is the Utility One
- S&P 500 Utilities Index was the only sector that gained
- Utilities ‘profit on other people’s misery:’ portfolio manager
Photographer: Steve Hockstein/Bloomberg
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Turns out trade wars are good for utilities.
Those steady, boring companies long seen as safe havens were among the only gainers Monday as trade tensions between the U.S. and China clobbered markets. The S&P 500 Utilities Index rose as much as 1% after China said it would raise duties on some American imports. The remaining 10 industry sectors in the S&P all fell, with information technologies leading decliners.