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Why General Motors Shares Spiked Monday

·2-min read

Shares of General Motors (NYSE: GM) jumped as much as 6% Monday after the Senate passed the Inflation Reduction Act Sunday, which has some major climate change provisions to help electric vehicle (EV) sales. GM stock was still up 4.7% as of 3:32 p.m. ET. The new legislation passed by the Senate this weekend is now likely to be approved by the House of Representatives and signed into law by President Joe Biden.