Why Switchback Energy Acquisition Stock Jumped Today

Shares of Switchback Energy Acquisition (NYSE: SBE) have jumped today, up by 10% as of 3 p.m. EST, after President Joe Biden announced yesterday that he plans to electrify the entire federal government's vehicle fleet, which consists of approximately 650,000 vehicles. Switchback Energy is the special-purpose acquisition company (SPAC) that is merging with ChargePoint, the largest public charging network in the U.S.

The news has sparked a rally for all electric vehicle (EV) charging stocks, primarily consisting of other SPACs that are in the process of taking other EV charging peers public.

Image source: ChargePoint.

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Source Fool.com