Stocks closed lower on Wall Street and Treasury yields rose after surprisingly strong economic reports highlighted the Federal Reserve’s difficult fight against inflation.
The S&P 500 fell 1.8% Monday. The Dow Jones Industrial Average lost 1.4% and the tech-heavy Nasdaq gave back 1.9%. Small-company stocks fell even more.
The services sector, which makes up the biggest part of the U.S. economy, showed surprising growth in November. V.F. Corp., which makes Vans shoes and The North Face outdoor gear, sank after cutting its revenue forecast and announcing the departure of its CEO.
On Monday:
The S&P 500 fell 72.86 points, or 1.8%, to 3,998.84.
The Dow Jones Industrial Average fell 482.78 points, or 1.4%, to 33,947.10.
The Nasdaq fell 221.56 points, or 1.9%, to 11,239.94.
The Russell 2000 index of smaller companies fell 52.62 points, or 2.8%, to 1,840.22.
For the year:
The S&P 500 is down 767.34 points, or 16.1%.
The Dow is down 2,391.20 points, or 6.6%.
The Nasdaq is down 4,405.03 points, or 28.2%.
The Russell 2000 is down 405.09 points, or 18%.
Solar is one of the fastest growing sectors in the stock market. And the recent clean energy bill that passed through the U.S. Congress as part of the Inflation Reduction Act is likely to keep that growth going. By some estimates, solar installation may triple over the next five years.
But the bullish outlook for this sector is about more than the funding the industry will receive. The Biden administration announced in June that it was suspending tariffs on solar panel components from four countries. This will be a key step in helping to untangle the supply chain for the necessary components.
This two-pronged strategy will be key to the sector achieving the Biden administration’s goal of having 45% of the nation’s energy supply coming from solar by 2050. That’s up from the 4% the sector supplied in 2020.
In this presentation, we’re highlighting seven solar stocks that stand to benefit as solar becomes an increasingly cost-effective option for consumers and for businesses.
Read More: How major US stock indexes fared Monday 12/5/2022