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

NEW YORK, N.Y. – 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 per cent, to close at 2,097 Thursday. The Dow Jones industrial average slipped 44 points, or 0.2 per cent, to 17,985. The Nasdaq rose 18 points, or 0.4 per cent, 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 favour.

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

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

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