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Feature Article

It’s A Bear Market, But No Time to Give Up on Utility Stocks

By Roger S. Conrad on Oct. 10, 2022

The 2022 bear market for stocks and bonds entered a new, more destructive phase last month, following the Federal Reserve’s 75 basis point increase in the Fed Funds rate. And there’s every indication things will get worse before they improve. That now includes regulated utility stocks. The Dow Jones Utility Average hit a new dividend-adjusted all-time high on September 12. Since then, it’s down almost -19 percent, and underwater by -9.42 percent for the year including dividends. Utilities are still well ahead of the S&P so far in 2022. But they’ve actually performed considerably worse lately. And it’s fair to ask if something has changed for the sector, which up until a month ago was heading for a year of decent returns.

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