Why General Electric Stock Just Bounced
Shares of industrial giant General Electric (NYSE: GE) are heading into the final half-hour of trading on the NYSE up 5.5% -- and you can probably thank Bank of America (Bofa) for that.
This morning, Bank of America Securities came out with a note declaring that addressing the problem of climate change will be the "key global theme politically and economically for the coming decades," as StreetInsider.com reports. The bank cited the recent explosion of innovation in electric cars and new forms of energy, such as hydrogen electric fuel cells as evidence of the trend.
BofA noted that, so far, much of this innovation has arisen in China but predicted that "the US is preparing similar actions with the proposed green stimulus package under President Biden." Citing an estimated $69 trillion worth of "economic impact" at stake in climate change investments over the next century, BofA highlighted GE's ability to benefit from this trend, particularly through its exposure to wind turbines and energy management technology.
Source Fool.com
