Solar stocks rallied Thursday, as President-elect Joe Biden plans to unveil his stimulus blueprint that, among other things, includes an emphasis on clean energy.
The outlook for solar stocks is bolstered by investors speculating on an environmental infrastructure boom.
Biden spent a big part of his campaign promoting a green agenda, also including plans to rejoin the Paris Climate Agreement. In addition, he outlined a $2 trillion plan to fight climate change
Among solar stocks trading up Thursday were SolarEdge Technologies (SEDG), Enphase Energy (ENPH), First Solar (FSLR), SunPower (SPWR) and Canadian Solar (CSIQ).
Enphase climbed 2.5%, closing at 208.83, on the stock market today. SunPower soared 11.1%, closing at 35.08. SolarEdge ended the day unchanged, at 335.40. First Solar rose 1.8% to 106.04 Also, Canadian Solar climbed 2.2% to 55.62.
Rally In Solar Stocks Continues
The rally in solar stocks is a continuation of strong moves up in early January
IBD’s Energy-Solar industry group tracks solar energy leaders. That group ranked No. 1 on IBD’s list of 197 industry groups on Thursday. The leading stocks in that group are Daqo New Energy (DQ), First Solar and Enphase.
Also fueling solar stocks is utilities’ and automakers’ sudden motivation to turn over a green leaf. In addition, they want to maintain institutional support for their stocks.
In the electricity realm, most of the growth in renewable generation comes from solar stocks and wind. At the same time, other competitive renewable technologies include biomass fuels, hydroelectric, geothermal and hydrogen and fuel cell technology.
To find the other best stocks to buy or watch, check out IBD Stock Lists and other IBD research.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE:
Make Investing Simpler And Profit From Leaderboard
Profit From Short-Term In A Swing Trading Environment
Investing in Stocks 101: The Beginning Investor’s Guide To Making More Money
Catch The Next Big Winning Stock With MarketSmith
Unlock Premium Stock Lists, Investing Tools And Analysis