The S&P 500 rose less than 0.1 percent between Friday, February 1, and Friday, February 8. It was only the sixth and smallest advance in the last seven weeks, following the index’s sharp rebound in January. The index also had its narrowest weekly trading range (just 57 points) since late September.
When tech stocks led the US share market to a drop of around 10% in October, one sector held up much better than the others: Utilities.
Yep, we’re talking about real-estate investment trusts (REITs). These companies own shopping centers, apartment buildings and warehouses… things that many clients would shrug at rather than trade. They were so dull that no one even thought to give them their own sector until a few years ago.