Solar, clean energy stocks surge again on Europe's planned green push
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Solar stocks are sizzling in Thursday's trading, rallying for a second straight session after the European Union unveiled a plan to cut red tape for solar and winds installations in an effort to reduce reliance on Russian fossil fuels.
The Invesco Solar ETF (NYSEARCA:TAN) +5.3%, with S&P components Enphase Energy (NASDAQ:ENPH) +7.7% and Solaredge Technologies (NASDAQ:SEDG) +7% to rank among the day's leaders; other big gainers include (SHLS) +11.2%, (MAXN) +10.6%, (FTCI) +8.7%, (SPWR) +7.2%, (SOL) +6.6%, (CSIQ) +6.2%, (ARRY) +5.8%, (JKS) +5.4%, (NOVA) +5.2%, (RUN) +5%, (DQ) +3.7%, (FSLR) +2.3%.
Other alternative energy names also are catching a powerful bid, including (BE) +12.1%, (BLDP) +7.8%, (GNRC) +7.6%, (FCEL) +7.5%, (PLUG) +6.3%.
Other potentially relevant ETFs include (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
The European Union's new RepowerEU plan calls for accelerated construction of wind farms and solar arrays, with half the EU's energy to come from renewable sources by 2030, more than double current levels.
Solar stocks have been mostly declining in recent weeks in reaction to the U.S. government's probe into solar panel imports, which are causing delays in solar and storage projects.