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Friday's Energy Stocks: Wall Street falls sharply on potential recession signal

Wall Street saw sharp declines Friday, March 22, after a portion of the U.S. yield curve inverted, reigniting worries that the end of the U.S. economic expansion may be looming.

Historically, an inversion of the two Treasurys has signaled a recession was on the way. Yields on 10-year Treasurys have declined following the Fed's March 20 decision to keep its benchmark interest rate unchanged.

The Dow Jones Industrial Average tumbled 1.77% to close at 25,502.32, while the S&P 500 shed 1.90% to settle at 2,800.71.

Among energy equities, electric and diversified utilities weathered the sector and broader market selloffs.

JinkoSolar Holding Co. Ltd. plummeted 12.60% on nearly 4x average trading volume to close at $17.14. The company reported 3,618 MW of solar module shipments in the fourth quarter of 2018, an increase of 45.8% from 2,481 MW in the fourth quarter of 2017.

Among other solar stocks, First Solar Inc. retreated 4.38% in above-average trading to finish at $52.41, Sunrun Inc. lost 5.63% on below-average volume to $14.25, and SunPower Corp. dropped 5.54% in brisk trading to end the week at $6.14.

U.S. Department of Energy Secretary Rick Perry confirmed that the Trump administration will provide an additional $3.7 billion in loan guarantees to help Southern Co. and its partners finish two new reactors at the Alvin W. Vogtle Nuclear Plant.

Southern shares climbed 0.60% in active trading to close at $51.88.

Algonquin Power & Utilities Corp. shares increased 0.80% on light volume to end at $11.28. The company said none of its outstanding 4 million cumulative rate reset preferred shares, series D, will be converted on April 1.

FirstEnergy Corp. was up 1.29% in light trading to settle at $41.77, after Moody's upgraded the senior unsecured and issuer ratings of two of its transmission subsidiaries, with stable outlooks.

The upgrade of American Transmission Systems Inc. and Mid-Atlantic Interstate Transmission was prompted by the rating agency's expectation that the companies will continue to produce strong financial metrics.

The S&P 500 Utilities Sector eked out a 0.69% gain to finish at 296.66.

Among oil and gas companies, Anadarko Petroleum Corp. declined 4.51% in robust trading to end at $43.23, after announcing plans to sign long-term charters for about 16 LNG vessels for its planned natural gas liquefaction facility in Mozambique.

Exxon Mobil Corp. slipped 1.60% to settle at $80.48, Chevron Corp. shed 2.20% to finish at $123.09, and Schlumberger Ltd. retreated 3.96% to close at $42.47, all on light volume.

The S&P 500 Energy Sector was down 2.62% to 484.86, while the Alerian MLP Index saw a 1.57% decrease to 255.20.

Market prices and index values are current as of the time of publication and are subject to change.