Why Plug Power Stock Skyrocketed 27.6% This Week
Shares of Plug Power (NASDAQ: PLUG) soared this week, up 27.6% as of market close on Thursday. The spike comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq-100 were up 1.7% and 1.5%, respectively.
Earlier this week, Trump's major budget bill was amended to extend tax incentives for hydrogen power, providing critical relief to Plug Power and other hydrogen stocks. That said, Plug Power is in a tough financial position.
President Trump's "Big, Beautiful Bill," which passed the Senate earlier this week and is likely to soon clear the House, was amended to extend critical tax incentives for the hydrogen industry for two more years. The latest version provides tax relief for hydrogen operators through January 2028, rather than the 2026 end date in previous versions of the bill. This significant change sent Plug Power and hydrogen stocks across the board higher.
Source Fool.com
