(Bloomberg) -- Utilities plunged the most intraday since February after JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said people should prepare for benchmark Treasury yields climbing to 4 percent. A rise would be bearish for utilities as they're often viewed as an alternative to Treasuries because of their steady, regulated rates of return. Dimon's remarks just mean “more interest rate worries,” said Tim Winter, associate portfolio manager for the Gabelli Utilities Fund that has $2.1 billion under management for Gabelli Funds.
To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net.
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe Ryan
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