Why Alternative Energy Stocks Popped Today

Thursday was a good day for alternative energy stocks across the board as a bill that would provide major support to clean energy moved closer to passing Congress. Senate Majority Leader Chuck Schumer and Sen. Joe Manchin (D-West Virginia) have agreed on a major compromise bill dubbed the Inflation Reduction Act of 2022 that includes -- among many other things -- $369 billion to promote clean energy through direct spending and tax credits. Investors saw this as an extremely bullish sign for the industry.

The biggest renewable energy asset owner in the U.S. is NextEra Energy (NYSE: NEE), and its stock jumped as much as 7.3% in trading on Thursday. Hydrogen company Ballard Power Systems (NASDAQ: BLDP) popped by as much as 18.8%, while electric vehicle charging companies Blink Charging (NASDAQ: BLNK) and ChargePoint (NYSE: CHPT) were up as much as 13.3% and 19.9%, respectively.

There are a lot of details in the 725-page bill, but the most important items for these specific companies are:

Source Fool.com