US solar shares firm alongside euro, Obama speech

* Shares in major solar companies firm

* Awaiting Obama’s speech late Tuesday

LOS ANGELES, June 15 (BestGrowthStock) – U.S. solar stocks bounded
higher on Tuesday as the euro strengthened, and ahead of an
evening address by U.S. President Barack Obama, who may outline
initiatives that end up boosting the renewable energy sector.

Obama is set to outline a plan to reduce the reliance of
the world’s largest economy on fossil fuels and imported oil,
after lawmakers accused BP Plc’s (BP.L: ) cost-cutting culture of
causing the worst oil spill in American history.
[ID:nN14163920] [ID:nN15253806]

His speech comes as Congress looks to tackle energy
legislation aimed at curbing climate change.

The euro rose on Tuesday as solid demand in European debt
auctions soothed worries about the region’s looming debt
crisis, prompting short-covering. A stronger European currency
benefits solar companies who sell into those markets.

Shares in First Solar Inc (FSLR.O: ) gained 5.8 percent to
$113.73 and JA Solar Holdings Co Ltd (JASO.O: ) jumped 7.0
percent to $5.02. Other stocks, including SunPower Corp
(SPWRA.O: ) and Suntech Power (STP.N: ), were up between 2 and 4
percent in late morning trade.

Demand for solar equipment that turns sunlight into
electricity has surged in past months, but investors fear the
impact on the sector from subsidy cuts in Germany — the
world’s largest solar market — and are concerned about the
strength of European markets.

Stock Market Research

(Reporting by Edwin Chan, editing by Gerald E. McCormick)

US solar shares firm alongside euro, Obama speech