Investors looking for ways to protect themselves from a potential market downturn and rising inflation have been warming to utilities, sometimes seen as bond substitutes, as attractive alternatives. The S&P 500 utilities index has outperformed the broader market this month, rising nearly 9% so far and leading gains among sectors for March. Driving the gains may be a defensive move by investors to position themselves against a potential slide in equities, with worries mounting over higher inflation as seen in the jump in 10-year Treasury yields and pricey equities valuations, some strategists say. Utilities tend to do better in a downturn because they pay dividends and offer stability. “It’s
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