Lithium Americas (NYSE:LAC) stock is on the move this week as the mining company’s shares continue movement after a recent rally.
So what has investors so interested in LAC stock? Insider sources claim that President Joe Biden is looking to use Cold War powers to increase the production of materials for electric vehicles (EVs) and other batteries in the U.S.
This would see it adding materials needed for the creation of lithium batteries to the 1950 Defense Production Act. This act has been used in the past to ensure that the U.S. can produce its own products in the case of an emergency.
While there’s not yet been a public announcement about adding battery materials to the 1950 Defense Production Act, the recent reports have investors excited. That makes sense as it would open lithium mining companies, such as Lithium Americas, up to $750 million in funding, reports Bloomberg.
These reports sent shares of LAC stock higher yesterday and it looks like that momentum is going to continue through the rest of the week. That makes sense as investors will likely continue to buy into the company in hopes of a boom in price alongside an official announcement from President Biden.
As far as trading goes, LAC is off to a strong start this morning. That has more than 1 million shares on the move just after markets opened. With that kind of momentum, it wouldn’t be surprising to see it surpass its daily average trading volume of about 4 million shares.
LAC stock is down slightly Thursday morning after trading higher in pre-market hours.
Investors looking for more stock market news for today are in luck!
We’ve got all the most recent stock market news that traders need to know about for Thursday! That includes UiPath (NYSE:PATH) earnings news, this morning’s biggest pre-market stock movers, as well as what happened with Digital World Acquisition (NASDAQ:DWAC) yesterday. You can find all of that at the following links!
More Recent Stock Market News
- Is PATH Stock a Buy on Earnings Plunge? 3 Analysts Weigh In on UiPath Prices.
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Why Did Digital World (DWAC) Stock Close Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.