Utilities slump into bear market as defensive sector suffers historically steep selloff

The utilities sector tumbled into a bear market Wednesday, extending a historically steep selloff for stocks traditionally seen as a defensive haven.

Analysts... The utilities sector tumbled into a bear market Wednesday, extending a historically steep selloff for stocks traditionally seen as a defensive haven. Analysts at Bespoke Investment Group noted that such steep declines for the sector are quite rare, with one-month “crashes” of 20% or more occurring only in March 2020, October 2008, late 2002, and the 1930s.

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