Why Shares of Plug Power, Bloom Energy, and Sunrun Are Climbing Today
While markets are sliding a bit today, renewable energy stocks are moving in the opposite direction. Shares of fuel cell-focused companies Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE) are both rising, as is solar power installer Sunrun (NASDAQ: RUN). The gains are in response to news that a stalled climate bill received support making it more likely that the legislation will make it to President Biden's desk.
As of 12:41 p.m. ET, shares of Plug Power and Bloom Energy are up 3.2% and 2.8%, respectively, while Sunrun's stock has risen 4.3%.
The passage of the Inflation Reduction Act, a package of climate and healthcare measures, seemed unlikely just a couple of weeks ago, largely due to the lack of support from Democratic U.S. Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona. With no support from Republicans, the legislation requires the backing of all 50 Senate Democrats in order to pass.
Source Fool.com
