How President Biden Helped Send Duke Energy Stock Up 12.8% in March
Shares of Duke Energy (NYSE: DUK) surged 12.8% in March, according to data provided by S&P Global Market Intelligence. Given the defensive nature of utility stocks, it's not every day that you see a stock in the sector rise by double digits in a short span of time. For Duke, multiple announcements that fit well with President Joe Biden's climate change agenda fueled investor interest in the stock.
Biden recently unveiled a detailed $2 trillion plan to rebuild America's crumbling infrastructure. Aside from investment in traditional infrastructure, Biden's proposal is heavily weighted toward tackling climate change, as he had campaigned, and calls for a clean energy revolution to advance the country to net-zero carbon emissions by 2050. The plan includes a law requiring utilities to obtain more power from renewable sources, such as wind and solar.
Duke Energy unveiled an ambitious clean energy program only late last year and announced some key developments on that front in March.
Source Fool.com
