Solar stocks soared Wednesday as investors responded to election results from the Georgia U.S. Senate races.
If Democrats take control of the Senate, while also controlling the House with President-elect Joe Biden set to assume power Jan. 20, 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.
Election results in Georgia showed Democrat Raphael Warnock beating incumbent Republican Kelly Loeffler for one of the U.S. Senate seats in the state. Meanwhile, in Georgia’s other U.S. Senate runoff, Democrat Jon Ossoff unexpectedly led Republican David Perdue by a narrow margin as results continued to roll in. Ossoff claimed victory over Perdue Wednesday morning.
Solar Stocks On Fire
Enphase stock jumped 11%, near 201.60 during morning trading on the stock market today. Array Technologies jumped 9.9% to 46.07, while SolarEdge Technologies rose 8.8%, near 344.60. In addition, Daqo New Energy moved up 9% to 75, while SunPower soared 19%, near 29.40.
IBD’s Energy-Solar industry group tracks solar energy leaders. That group ranked No. 1 on IBD’s list of 197 industry groups on Wednesday. The leading stocks in that group are Daqo, First Solar and SolarEdge.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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