The markets were more or less quiet yesterday, but solar energy stocks clung to the gains they made and brought the struggling green exchange traded funds (ETFs) up with them.
It’s been a tough year so far for the funds. The First Trust Nasdaq Clean Edge U.S. Liquid Series (QCLN) rose the most yesterday, by 4%. It’s climbed 22% from its 52-week low, but it remains 27% below its high, reports Trang Ho for Investor’s Business Daily.
PowerShares WilderHill Clean Energy (PBW) shot up 4.1% yesterday. It’s down 24.2% year-to-date. The newest fund in the bunch, Market Vectors Global Alternative Energy (GEX), rose 2.6% yesterday, but it’s down 16.8% year-to-date.
It’s generally agreed that solar energy has a home in most portfolios. As the cost of energy rises and education about global warming spreads, interest in solar power will rise. Of course, if the price of oil tapers off, so will the interest in this sector, which makes it a volatile one.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.