As expected, President Trump will today announce that the U.S. will join Nicaragua and Syria as the only countries to not participate in the Paris Climate agreement Thursday, leading to record highs across the U.S.' major markets.
The Dow Jones Industrial Average jumped about 20 points in the 3 p.m. hour during the President's speech, closing at a record high of 21,142.81. It was the first time the Dow had a record high since March 1. The S&P and Nasdaq also closed trading at record highs.
The agreement was ratified by 195 countries, including the U.S. during President Barack Obama's time in office, but President Donald Trump's uncertainty about the causes and effects of climate change have threatened to undo the agreement altogether due to the United States' outsized influence, energy consumption and carbon footprint.
There will be winners and losers based on the U.S. position on cutting carbon emissions. Here is how a few of those names are faring Thursday afternoon just before the president's announcement:
First Solar (FSLR) - Get Report and SunPower (SPWR) - Get Report shares have been volatile all day but began to trend lower as the President's 3 p.m. EST announcement approached. First Solar was in the red following the announcement and SunPower was trading at $7.94 after peaking at $8.20 per share earlier in the day.
Coal plays are expected to benefit from Trump's decision to exit the Paris Climate agreement, and some of the stocks in the sector responded in kind.
Alliance Resource Partners (ARLP) - Get Report was up more than 2% after spending most of the day hovering around its opening price. Peabody Energy (BTU) - Get Report shares made their way back into positive territory after falling as low as $23.53 in trading. The stock was at $24.06 following the President's announcement.
Alternative energy plays like Tesla (TSLA) - Get Report and Exxon Mobil (XOM) - Get Report , which has been proactive in increasing its alternative energy portfolio, also took hits following the announcement. However, while Tesla fell into the red, Exxon was able to keep some of the gains the stock had made during the day. Exxon shares were up, but were trending lower.
Former President Obama released a statement shortly after the beginning of Trump's announcement, saying that states, cities and businesses will step up in the "absence of American leadership."
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