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As the first week of the second quarter unfolds, telecom stocks remain the clear leader among the big-cap equity sectors. For the year through April 4, the S&P 500 telecom sector is up more than 14%, or three times above the S&P 500’s rise in 2006. Even energy, which remains hot but in second place, hasn’t been able to keep up, posting a 10.6% rise so far this year.
The lone sector that’s lost ground thus far in 2006 is utilities, which backtracked ever so slightly. That’s hardly surprising, given that this is an interest-rate sensitive sector and the price of money continues to rise.

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