Utilities sector stocks have outperformed the broader market over the past year benefiting as a 'defensive sector' amid higher market volatility and emerging concerns over cyclical weakness. The thinking is that during a potential economic downturn, utilities have relatively more stable revenues and earnings given the necessity of the service and structure of long-term contracts. The apparent flight to safety for the group has been coupled with a trend lower in interest rates making utilities sector yields more attractive. The result has been large moves higher in major utility stocks now trading at or near