Exec Says Obama Good For Alt Energy ETFs
Claymore Securities President Christian Magoon says that Barack Obama's victory will benefit alternative energy exchange-traded funds. The U.S. may even surpass Europe and Asia as the biggest growth market for alternative energy ETFs, he told PFR sister publication Fund Action. "The U.S. has not had as many favorable alternative energy measures, such as tax credits or subsidies, but with Obama there may be more measures put in place similar to European measures" that encourage alternative energy development, said Magoon.
Magoon said solar energy, as well as wind energy, will be among the biggest beneficiaries. Over the two days prior to the election when Obama's victory was considered by many to be a foregone conclusion, the Claymore/MAC Global Solar Energy ETF was up between 25-30% on investor optimism about Obama's pro-alternative energy policies, says Magoon. "The market is saying that this new administration and this new Congress could have big benefits for the industry."
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