Solar Stocks Up Following DOE Report, Higher Crude Oil Prices

Shares of solar stocks surged Monday following a report on solar energy issued on Friday by the U.S. Department of Energy.

The report noted a 1,200 percent growth in solar capacity since 2008 and projected continued growth in the years ahead.

SolarCity Corp SCTY showed the most strength among U.S. solar companies, trading at $52.18, up 7.35 percent.

First Solar, Inc. FSLR was also putting in a strong performance and recently traded at $45.14, up 6.66 percent.

SunEdison Inc SUNE was up 5.13 percent Monday to $19.69 and SunPower Corporation SPWR also traded higher, up 5.06 percent to $25.34.

China-based Daqo New Energy Corp DQ soared 15.85 percent to $22.80 by Monday afternoon.

Investors may also be buying solar stocks due to Monday’s increase in crude oil prices. WTI traded at $49.35, up 2.30 percent and Brent traded at $54.50, up 2.85 percent. Deutsche Bank, however, claims that oil has little impact on solar demand.