Bond insurers climb after Puerto Rico debt relief bill clears major hurdle

Construction workers make repairs to a street in Old San Juan, Puerto Rico
Susana Gonzalez | Bloomberg | Getty Images
Construction workers make repairs to a street in Old San Juan, Puerto Rico

Shares of MBIA, Assured Guaranty and Ambac Financial spiked more than 3 percent Wednesday after a Puerto Rico rescue package passed the Senate.

A White House-backed measure that would create a control board to oversee the island's finances and supervise some debt restructuring passed the Senate on Wednesday by 68-32.

The vote came just two days before the debt-stricken island was expected to default on a $2 billion payment.

The three bond insurer stocks have had mixed performances this year.

MBIA (green), AGO (violet) and Ambac (blue) in 2016

Source: FactSet