SRE - Utilities group paces S&P sector leaderboard; AEP powers to two-year high

The utilities sector (XLU +1.8%) trades at the top of Thursday's S&P sector leaderboard, as the countercyclical nature of the group attracts buying interest at a time when investor sentiment and conviction are weak; the sector has gained 2.4% this week but has lost 3.7% YTD. American Electric Power (AEP +3.0%) is one of the day's best performers, rising in five of the previous six sessions to its best level in nearly two years since reporting better than expected Q4 earnings and revenues while raising FY 2022 guidance; the company also unveiled plans to sell some or all of of its renewable energy portfolio in order to focus on its core utility business. Powering to new 52-week highs today: DTE +2.3%, ATO +2.2%, ED +1.3%, SRE +0.8%. Other noteworthy winners include PNW +3.7%, SO +2.8%, ETR +2.5%, XEL +2.3%, LNT +2.3%, WEC +2%, DUK +1.8%. AEP's earnings growth is "modest

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Utilities group paces S&P sector leaderboard; AEP powers to two-year high