Utility stocks soar to highest levels in a year as investors rush to safe havens

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The S&P 500 Utilities sector is on pace for its highest close in more than a year as investors seek shelter during Tuesday’s market rout.

Utilities are set to close above 285.52, which would be their highest close since November 2017.

On a 52-week intraday high basis, Utilities are the only positive S&P 500 sector, rising 0.6 percent from its most recent highs. Six of the 11 S&P 500 sectors are in correction from their most recent highs.

Investors favor utilities in times of tumult for their larger-than-average dividend yields and steady revenues. Investors right now are worrying about the flattening of the so-called yield curve, which could be signaling a slowdown in the economy.

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