SPWR - Why Solar Energy Stocks Were Soaring Today
Solar energy stocks have been under pressure all year, but finally got a little good news on Thursday. Senators Chuck Schumer and Joe Manchin announced an agreement on a climate change package that's estimated to pump $369 billion into climate change solutions with solar energy being a major beneficiary.
Shares of SolarEdge (NASDAQ: SEDG) traded up to 15.6% higher today, Sunrun (NASDAQ: RUN) jumped as much as 34.3%, First Solar (NASDAQ: FSLR) popped 20.6%, SunPower (NASDAQ: SPWR) was up 16.9%, and Canadian Solar (NASDAQ: CSIQ) rose 12.1%. Stocks settled slightly as the day went on but at noon ET shares were up double-digits across the board.
The climate change bill, which is being called the Inflation Reduction Act of 2022, has been agreed to but hasn't been passed. But Manchin is the crucial vote, so it's likely to pass Congress and get approval from the White House. Here are the keys for solar companies .
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Why Solar Energy Stocks Were Soaring Today