Renewable Energy Stocks Jump on Thursday

The rally in renewable energy stocks continued on Thursday and it extended to everything from utilities to product suppliers. Yesterday's Federal Reserve meeting and the expectation of lower interest rates in 2024 and 2025 have given the market a boost and energy assets have become some of the favorites today.

Both NextEra Energy (NYSE: NEE) and its subsidiary NextEra Energy Partners (NYSE: NEP) jumped as much as 3.3% and 8.5%, respectively, in morning trading. More direct renewable energy companies were also up sharply with QuantumScape (NYSE: QS) rising 11.9%, SunPower (NASDAQ: SPWR) jumping 20.9%, and Plug Power (NASDAQ: PLUG) gaining 15.5%. At 1 p.m. ET, shares of all five stocks are near their daily highs.

The Federal Reserve said it will keep short-term rates flat for now, but it doesn't control long-term rates that provide a benchmark for corporate borrowing. Those are set by the open market.

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Source Fool.com