On Friday, 74% of companies in the Utilities sector reached a new 52-week high, the highest percentage since March 2019. This is the fifth-largest share over the past 14 years.
As the stock market sell-off intensified, investors shifted their capital into more defensive stocks like utilities.
Consequently, the S&P 500 Utilities sector rallied by 4.4% over the past week and is now up 17.1% year-to-date.
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