US STOCKS-U.S. stocks slip; utilities fall as bond yields jump
(Updates to late afternoon)
* Energy shares rise with oil
* Economic slowdown may be more than temporary-Fed's Brainard
* Indexes down: Dow 0.1 pct, S&P 0.01 pct, Nasdaq 0.1 pct
By Caroline Valetkevitch
June 2 (Reuters) - U.S. stocks dipped late Tuesday afternoon as a jump in bond yields weighed on utilities, but gains in energy shares and optimism that Greece may be close to a deal with its creditors limited losses.
The S&P utility index fell 1.5 percent, leading losses among S&P sectors, after U.S. long-dated Treasury debt yields rose to two-week highs. Utilities and other dividend payers tend to compete with bonds as investments.
Energy shares gained along with oil prices. The S&P energy index rose 0.6 percent, leading the day's gainers.
"Today the utilities are way underperforming obviously because people are thinking rates are going to go up sooner rather than later, but almost everything else is up," said Uri Landesman, president of Platinum Partners in New York. Continuación...