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Aug. 8, 2022, 11:08 a.m. EDT

Clean energy ETFs climb sharply after Senate approves climate bill

Clean energy-focused exchange-traded funds are rising sharply Monday morning after the Senate passed a bill over the weekend targeting climate, healthcare and taxes. The iShares Global Clean Energy ETF (NAS:ICLN) was up 1.6% in late morning trading Monday, while the Invesco Solar ETF (PSE:TAN) rose 1.8% and the First Trust Nasdaq Clean Edge Green Energy Index Fund (NAS:QCLN) gained 2.1%, according to FactSet data, at last check. U.S. senators on Sunday passed the bill, dubbed the Inflation Reduction Act, on a party-line vote and sent it to the Democrat-controlled House of Representatives for approval. Clean energy ETFs have recently surged, getting a boost late last month after Senator Joe Manchin, a West Virginia Democrat, and Senate Majority Leader Chuck Schumer, D-New York, reached an agreement on the bill.

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