Why Renewable Energy Stocks Popped on Tuesday
The stock market is having a great day on Tuesday with the S&P 500 climbing 1.4% as of 12:40 p.m. ET and the Nasdaq Composite rising 2.3%. The two biggest news items of the day are the producer price index only rising 0.2% in October, below a 0.4% estimate, as inflation in the wholesale market cools. The other big factor in the rising market is the apparent willingness of the U.S. and China to discuss how to work together. This might not last, but for now, the market is liking recent discussions between the leaders of the two nations.
Three renewable energy stocks that are on the move today are Plug Power (NASDAQ: PLUG), which jumped as much as 5.5%; Bloom Energy (NYSE: BE), which rose 5.3%; and Blink Charging (NASDAQ: BLNK), with a 5.5% pop. The stocks are still 3.4%, 3.5%, and 2.9%, respectively, as I'm writing this.
What investors are keyed into today are falling interest rates, which make renewable energy projects more economical to build. In the U.S., the 10-year government bond yield has fallen 3 basis points today to 3.82% and is now down 20 basis points in the past month.
Source Fool.com
