(Bloomberg) -- The Wilderhill Clean Energy Index rose as much as 14% over two days on Thursday as investors cheer the possibility of a soft landing in the world’s largest economy.

The two-day surge was the biggest since November 2022 and came after Federal Reserve chair Jerome Powell signaled that interest rates are at or near the peak. The rise comes after a tough year for the solar, wind and electric-vehicle charging industries, which suffered a $30 billion rout after it was pummeled by high interest rates. 

“It’s a pretty simple story,” said Rob Barnett, Bloomberg Intelligence senior analyst. “These are capital-intensive businesses, so when interest rates are lower that lowers the cost of doing business, whether it’s wind or solar.”

Read more: A $30 Billion Rout in Clean Energy Puts US Climate Goals at Risk

All but three stocks in the 77-member index climbed Thursday morning, led by TPI Composites Inc.’s 60% climb. The gauge includes leaders in clean-energy industries such as solar, wind and electric vehicles and includes Tesla Inc., Maxeon Solar Technologies Ltd. and ChargePoint Holdings Inc.

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