SPWR - Why Solar Stocks SolarEdge Vivint Solar and SunPower Are Soaring Tuesday
Congress failed to pass a $1 trillion-plus coronavirus relief package Monday, and investors reacted negatively. Congress has a second chance to get this right today, and House Speaker Nancy Pelosi says a deal to pump as much as $2 trillion into the American economy could be "done in the next few hours."
Investors are taking a deal as a foregone conclusion, and as of 1 p.m. EDT, the S&P 500 is already up 7.76% in response to the not-yet-news.
Solar stocks in particular are benefiting from the surge of optimism about a deal. Shares of solar power inverter maker SolarEdge (NASDAQ: SEDG), for example, have leapt 20.7%. Residential solar installer Vivint Solar (NYSE: VSLR) is up 14.8%, while panel maker and commercial solar plant builder SunPower (NASDAQ: SPWR) has gained 8%.