Why These Renewable Energy Stocks Shot Up This Week
Whether electric-vehicle charging companies or hydrogen fuel-cell and solar producers, alternative energy stocks across the board are having a fun ride this week. As of Friday's opening, here's how some of the stocks were performing:
All of these stocks dropped like a rock last week, so investors evidently saw buying opportunities even as encouraging news -- both on the macro and company-specific fronts -- fueled their enthusiasm.
Volatility in oil prices sent alternative energy stocks on a choppy ride. So when oil prices tanked last week after OPEC and its allies agreed to increase oil output, clean energy stocks tumbled as lower oil prices erode the competitiveness of renewable sources of energy. This week, though, oil prices bounced back as quickly as they fell, and that's helped clean energy stocks recoup some of their losses.
Source Fool.com
