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Clean energy stocks jumped on Wednesday, accelerating their strong start to the year following a record-setting 2020, as investors eyed the results of the Georgia Senate runoffs. President-elect Joe Biden has made climate a central pillar of his agenda, and a possible Democratic-controlled Congress would make it easier to pass policies that are supportive for renewables.
The Invesco Solar ETF gained more than 8% on Wednesday, while the Invesco WilderHill Clean Energy ETF and iShares Global Clean Energy ETF each traded more than 6% higher.
“Investors in this space seem to be focused on longer-term scenarios more than at any point in the past several years, which we believe could result in further upside to the stocks despite likely little impact to near-term estimates,” JPMorgan said Wednesday in a note to clients in which the firm recommended staying long the sector.
