CNBC Pro

Clean energy stocks jump as Georgia results roll in

Solar panels above a Brooklyn neighborhood overlooking Manhattan.
Jeff Morganteen | CNBC

(This story is for CNBC PRO subscribers only.)

Clean energy stocks jumped on Wednesday, accelerating their strong start to the year following a record-setting 2020, as investors eyed the results of the Georgia Senate runoffs. President-elect Joe Biden has made climate a central pillar of his agenda, and a possible Democratic-controlled Congress would make it easier to pass policies that are supportive for renewables.

The Invesco Solar ETF gained more than 8% on Wednesday, while the Invesco WilderHill Clean Energy ETF and iShares Global Clean Energy ETF each traded more than 6% higher.

"Investors in this space seem to be focused on longer-term scenarios more than at any point in the past several years, which we believe could result in further upside to the stocks despite likely little impact to near-term estimates," JPMorgan said Wednesday in a note to clients in which the firm recommended staying long the sector.

More In Street Calls

Home improvement companies could see increased sales following Hurricane Ian, Wells Fargo says
CNBC ProHome improvement companies could see increased sales following Hurricane Ian, Wells Fargo says
Wells Fargo downgrades Lockheed Martin, believes defense company will lag behind competitors
CNBC ProWells Fargo downgrades Lockheed Martin, believes defense company will lag behind competitors
This solar power stock could double as more people install panels, Northland says
CNBC ProThis solar power stock could double as more people install panels, Northland says