Lithium stocks got a boost on Thursday following the release of President Joe Biden’s plans to upgrade the U.S.’s infrastructure.
Below is a segment from the White House fact sheet for the plan detailing what it means for lithium stocks and the electric vehicle (EV) industry.
“U.S. market share of plug-in electric vehicle (EV) sales is only one-third the size of the Chinese EV market. The President believes that must change. He is proposing a $174 billion investment to win the EV market. His plan will enable automakers to spur domestic supply chains from raw materials to parts, retool factories to compete globally, and support American workers to make batteries and EVs.”
With President Biden pushing down on the pedal to accelerate the EV market in the U.S., it’s no surprise that lithium stocks are on the move. Lithium batteries are used to power EVs instead of traditional fuels, such as gas or diesel.
Here’s how the news affected lithium stocks today.
- Livent Corporation (NYSE:LTHM) — Starting off the list is LTHM stock, which climbed 8.6% by the time markets closed today. It also saw nearly 3.3 million shares change hands. That’s just shy of its daily average trading volume of 3.7 million shares.
- Albemarle Corporation (NYSE:ALB) — Next up is ALB stock gaining 3.2% before markets stopped trading for the day. The stock also moved about 1 million shares. That’s about half of its daily average trading volume of 1.9 million shares.
- Sociedad Química y Minera de Chile (NYSE:SQM) — The final lithium stock were talking about today is SQM, which saw a 2.3% increase when the closing bell rang. The stock also moved about 837,000 shares today. For comparison, its daily average trading volume is closer to 1.3 million shares.
President Joe Biden’s infrastructure plan has resulted in strong momentum for quite a few companies of late.
Other industries that are seeing benefits after the plan was announced include uranium, semiconductors, and clean energy. That’s resulted in stocks such as Uranium Energy (NYSE:UEC), Cree (NASDAQ:CREE), Sunworks (NASDAQ:SUNW), and others. Investors can catch up on the latest news about these topics below.
More Stocks Moving of Biden’s Plan
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.