“Despite the plodding nature of utilities, their stocks do swing in and out of favor. During the market crash in late 2008, utilities fell almost in tandem with the broader U.S. market,” he noted.
In the broader U.S. stock market, the S&P 500 was up 2.7% on a total-return basis, year to date through Dec. 23.
“Should such a gain hold up, it would mark the 62nd annual advance since 1926, or 71% of all 86 years,” S&P’s Stovall wrote in a note Tuesday.
Utilities Select Sector SPDR
