High energy costs and concerns about global warming have heightened the sense of urgency for a broad policy that tackles both the nation’s oil use and its energy-related carbon emissions, though. Expansion of offshore drilling may have shifted in Obama’s eyes as a possibility instead of remaining adamantly opposed, reports Jad Mouawad for The New York Times.
- Energy Select Sector SPDR Fund (XLE), down 39.5% year-to-date
Obama has endorsed the industry’s call for raising the number of H-1B temporary work visas, which are available now to only 65,000 skilled foreign engineers each year, all of which are claimed within minutes. The major challenge right now is public sentiment that foreigners are taking American’s jobs at a time when unemployment is rising rapidly, reports Matt Richtel for The New York Times.
Meanwhile, the tech industry will call upon the new president for things such as net neutrality, policies to spread high speed Internet access, and step up broadband penetration to higher standards. They hope he will be committed to his stated support of certain issues affecting their industry.
- First Trust NASDAQ 100 Technology Sector (QTEC), down 43.8% year-to-date