FCEL Stock News: FuelCell energy soars higher as Biden plan hits Capitol Hill

NASDAQ:FCEL snapped its recent skid and was re-energized on Thursday, after the major renewable energy plan approaches final approval. Shares of FCEL were up 8.14% and closed the session at $7.57. FuelCell outpaced the NASDAQ index, which also saw a positive day on Thursday. That is until Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) tanked their third quarter earnings report, sending both stocks down over 4.0% in extended trading hours. The disappointing earnings also sent S&P 500 futures spiralling downwards, as two of its largest constituents sold off. FuelCell managed to erase the losses from the past two sessions, in what has been a rather eventful week for the hydrogen and renewable energy sector. 

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The major catalyst on Thursday was a report that President Biden was visiting Capitol Hill with his much talked about renewable energy bill. Although it originally called for as much as $3.5 trillion, the plan has been slimmed down to a mere $1.75 trillion. Some key parts of Biden’s plan were scrapped, although the part that renewable energy investors were excited about remained intact. Specifically, the $500 billion that will be designated for renewable energy infrastructure, and the next generation of clean energy vehicles. 

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The broader renewable energy sector was firing on all cylinders following the news, with Plug Power (NASDAQ:PLUG) and Bloom Energy (NYSE:BE) building upon their already strong weeks. Shares of PLUG were up 7.85% and Bloom Energy climbed a further 5.98% on Thursday, while ancillary stocks like Ballard Power (NASDAQ:BLDP) and even Workhorse Group (NASDAQ:WKHS) were also trading higher during the session.