Boring Utility Stocks Wow Market

Credit: Reginald Mathalone/ Zuma Press

The staid utilities industry has become a top-performing sector

An unlikely stock-market winner this spring stands out even in a year full of Wall Street surprises. Utilities—yes, utilities—are outpacing the competition.

The climb in shares of power companies is in part a rebound from a bleak 2023. But their move upward also reflects the growing belief that the U.S. economy can power through higher interest rates and turn the hype around artificial intelligence into reality.

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