Dow, S&P 500 index edge lower, weighed down by out-of-favor utility stocks

Published May 03, 2016

Most U.S. stock indexes are closing slightly lower as a slide in utility companies weighs on the market.

The Standard & Poor's 500 fell two points, or 0.1 percent, to close at 2,097 Thursday. The Dow Jones industrial average slipped 44 points, or 0.2 percent, to 17,985. The Nasdaq rose 18 points, or 0.4 percent, to 4,924.

Stocks of power companies were the day's biggest losers. Investors had pushed up the prices of the dividend-rich stocks last year as bond yields slumped. As yields have crept higher since the end of January, the sector has fallen out of favor.

The yield on the 10-year Treasury note rose to 2.11 percent from 2.08 percent late Wednesday.

Benchmark U.S. crude fell 98 cents to close at $51.16 a barrel on rising supplies.

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