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US Stock Market Records Massive Pull Back Following Stunning Start of Week
Mar 3 2021 · 12:36 UTC | Updated
Mar 3 2021 · 15:25 by Benjamin Godfrey · 3 min read
Photo: Depositphotos
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The US stock market is perhaps responding to a 1.41% drop in the 10-Year Treasury rate, a major focus point for equity investors.
The US stock market is seeing a strong pull back after starting the week on a stellar note. The Dow Jones Industrial Average (INDEXDJX: .DJI) slipped by 0.46%, shedding 143.99 points to 31,391.52. The Nasdaq Composite (INDEXNASDAQ: .IXIC) dropped 1.69% to 13,358.79 while the S&P 500 Index (INDEXSP: .INX) which recorded a 2% bullish jump on Monday shed off 31.53 points, atop a 0.81% dip to 3,870.29.
First Solar (NASDAQ:FSLR) have all beaten the market.
Solar companies haven t had a tremendous growth year by most measures, but they ve outperformed expectations, and investors have a very bullish eye on the future of the industry. As 2020 comes to a close, it s worth looking at how we got here and what 2021 has in store.
Politics rules the year
If you can point to one thing that s driven solar stocks higher this year, it s the political winds changing. In summer, when it became likely that President-elect Biden would win the White House, investors speculated that positive policy changes would follow. And a Democrat sweep of Congress could potentially bring a Green New Deal. The sweep hasn t happened (and it s still possible), but Biden s win is already seen as a big victory for the solar industry for the following reasons: