Solar and wind stocks soared as President Donald Trump's tax-and-spending bill narrowly passed the Senate, shortly after legislators stripped it of a last-minute excise tax on renewable energy projects.

Daqo New up 12.8%; JinkoSolar up 9.7%; Sunrun up 5.4%, SolarEdge up 5.3%, and First Solar climbed 4%.

The tax was meant to penalize projects placed into service after 2027 that sourced components from "prohibited foreign entities" such as China.

The legislation now must clear the House, with Republicans striving to meet a self-imposed deadline of July 4. While the GOP has a slight majority in the chamber, some lawmakers have expressed reservations over the bill's cuts to Medicaid as well as its overall cost.