Solar Stocks Take a Hit As Oil Slides

The solar sector is having a very rough day amid today's extremely negative U.S. markets and shares of solar companies are down as the price of oil falls. Crude oil hit $100 per barrel early this month, marking an all-time high, but has since pulled back about 13% to $87.32 today. Forms of alternative energy, such as solar power, often trade similarly with oil as the demand for another source of energy becomes greater as oil gets more expensive.

Shares of First Solar (Nasdaq: FSLR), the largest pure-play solar company, opened the day down more than $24, or 14%, but have since moved off these lows and are now trading at about $169, or down only 7%.

Elsewhere in the sector, almost every other major solar stock is experience the same trend and pulling away from their respective lows. SunPower (Nasdaq: SPWR) is down $2, or 2.6% to $72.78, LDK Solar (NYSE: LDK) is down $3, or 8.6%, to $32.40, Suntech Power Holdings (NYSE: STP) is down more than $4, or 7.5%, to $52.80 and Evergreen Solar (Nasdaq: ESLR) has fallen a dollar, or 8.5%, to $10.82.

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