The S&P 500’s top gainers on March 22 were:
Pacific Gas & Electric
Pacific Gas & Electric, which provides natural gas and electric services to customers in northern and central California, was the S&P 500’s top gainer on March 22. Pacific Gas & Electric started this week on a weaker note and declined in the first three trading days of the week. Pacific Gas & Electric opened higher on Thursday and consolidated at elevated levels.
Increased buying pressure
Last week, the buying pressure increased in Pacific Gas & Electric amid an announcement by California’s government about plans to face natural disasters and climate change. Pacific Gas & Electric regained upward momentum on Thursday after management announced its measures during wildfires. Management announced its plans to build wildfire prediction and response centers in San Francisco, California. Pacific Gas & Electric also has plans to contract firefighters and improve its electric infrastructure to withstand windstorms and wildfires. The markets welcomed management’s announcement. Pacific Gas & Electric had a strong performance on Thursday despite the weak market sentiment and sell-off in major market sectors.
On March 22, Pacific Gas & Electric gained 2.7% and closed the day at $44.13. Pacific Gas & Electric is part of the S&P 500 utilities sector, which gained 0.43% on March 22.
Next, we’ll discuss the top losses in the S&P 500 on Thursday.