Stocks surged to record highs Monday, buoyed by fresh optimism about the government spending that would be unlocked by the passage of President Biden’s infrastructure plan.
Fulfilling the promise of investing big money into the nation’s aging infrastructure has been a long time coming.Martha C. White
The $1 trillion bill, formally called the Investing in Infrastructure and Jobs Act, cleared its final legislative hurdle late Friday with passage by the House of Representatives and now awaits the president’s signature. A big reason for Wall Street’s cheer on Monday is that fulfilling the promise of investing big money into the nation’s aging infrastructure has been a long time coming, said Elizabeth Vermillion, equity analyst at CFRA.
The caveat to investors eagerly awaiting for a surge of demand for materials and workers is the prospect of ordinary Americans competing with multinational corporations for everything from gasoline to gypsum. By some accounts, the lack of “shovel-ready” projects might be a blessing in disguise, experts said, since delays would tend to push that demand for materials and labor further into the future, when economists anticipate that supply chain bottlenecks will have eased and inflation will have receded.
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