Shares of energy companies rose in anticipation of renewable-energy investment under a Democratic-Party controlled U.S. government.

Apparent victories for Democrats in both Georgia Senate races should put all the major levers of power in Democratic hands, allowing President elect Joe Biden to pursue his ambitious sustainable-energy policy.

While solar-power producers saw the bulk of the stock gains, oil majors such as BP and Royal Dutch Shell, which also have interests in sustainable energy production, rose sharply.

The price of oil closed above $50 a barrel in New York for the first time since February, building on Tuesday's rally sparked by the unexpected cut to Saudi Arabian oil production.

While Mr. Biden has pledged to shift away from fossil fuels, it remains to be seen how quickly his administration will move on the issue.

"A January 'blue sweep' is hardly equivalent to expectations for a November 'blue wave' with a large Democratic majority," said Mark Haefele, chief investment officer at UBS Global Wealth Management, who expects investors to focus on "a retreat in the pandemic in the months ahead."

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-06-21 1730ET