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Solar stocks drop as election results dim prospects for climate policies like Green New Deal

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Shares of alternative energy companies, which have outperformed the broader market of late, slumped on Wednesday as Democratic prospects in Congress faded.

To make progress on legislative action, Democrats likely need control of the White House as well as both chambers of Congress. Democrats will keep their House majority,Tuesday night, but the presidential race remains close and the Democrats were unsuccessful in winning several Senate seats where they were favored.

Not all solar executives are supporters of the Green New Deal because of the political challenges involved. SunPower CEO Tom Wernerlast year that, "If you just broadly endorse the Green New Deal, you are liable to upset one side of the aisle or the other." Renewable energy companies were clear laggards on Wednesday, as the Dow Jones Industrial Average jumped 2.1%, the S&P 500 climbed 2.7% and the Nasdaq Composite rose 3.9%. The biggest tech companies all rose, led byWATCH:

 

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