Clean Energy Stock Momentum Beating S&P 500: Technical Analysis
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Clean energy shares are outperforming the Standard and Poor’s 500 Index for the first time in six years and momentum indicators signal more gains for the industry, according to Sanford C. Bernstein & Co.
The S&P Global Clean Energy Index, which includes companies from Tempe, Arizona-based First Solar Inc., the world’s largest thin-film solar manufacturer, to Electric Power Development Co. in Tokyo, has climbed 20 percent in 2013, compared with a 14 percent advance in the benchmark gauge for American equities. Indicators measuring the speed of the rally suggest the advance isn’t over, according to Ayush Nagaraj, a Hong Kong-based sales trader at Bernstein, the division of New York-based AllianceBernstein LP.