BE - Why Renewable Energy Stocks Soared This Week
2024-03-29 15:42:36 ET
Renewable energy stocks bounced back this week after getting some potentially positive news about interest rates and the energy market. While the bounce was good for investors, it wasn't driven by earnings or fundamental changes in supply and demand, but rather speculation that we're finally hitting bottom in the industry.
According to data provided by S&P Global Market Intelligence , shares of Bloom Energy (NYSE: BE) jumped as much as 14.9%, Sunrun (NASDAQ: RUN) was up 19.7%, and JinkoSolar (NYSE: JKS) popped 12.5%. Shares of the three stocks closed the short trading week up 13.9%, 16.1%, and 12.3%, respectively.
Interest rates have been a huge focus for renewable energy companies because projects are often financed over multiple decades. When rates rise, it makes projects less economical, so the last couple of years of rising rates have hit the industry hard.
For further details see:
Why Renewable Energy Stocks Soared This Week