Closing Glance: Utilities fall as bond yields rise
NEW YORK—Shares of utility companies fell Wednesday along with the broader market as bond yields, which compete with utility stocks' dividends for investors' money, posted a relatively large gain.
Bond prices rose as investors pulled more money out of stocks and placed it in the safer confines of the Treasury market. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.85 percent from 3.92 percent late Tuesday.
Here is how some utility companies fared:
American Electric Power Co. fell 19 cents to $43.72
Pepco Holdings Inc. fell 44 cents to $24.64
Consolidated Edison Inc. fell 54 cents to $41.72
Southern Co. fell 33 cents to $36.33
© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
