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Clean-energy ETFs rally on hopes for infrastructure spending

Clean-energy exchange-traded funds surged higher Wednesday as investors bet on sectors likely to benefit under a Biden presidency. The Invesco Solar ETF TAN, 4.42% was up 4.3% at midday, the First Trust Nasdaq Clean Edge Green Energy Index fund QCLN, 3.62% gained 3.5%, and the SPDR S&P Kensho Clean Power ETF CNRG, 4.03% gained 3.9%. The broader stock market SPX, 0.58% was up 0.8%. Those funds have outperformed throughout the year as Democrat Joe Biden pulled ahead of incumbent Republican President Donald Trump in the polls. In the year to date, TAN is up 142%, QCLN has gained 121%, and CNRG is up 84%, compared to an 11% rise for the S&P 500. Many investors – not to mention ordinary Americans – are hoping Washington can deliver some sort of infrastructure spending package in the new year, which could likely include spending on clean-energy upgrades.

 

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