Financial markets are cheering the infrastructure deal — and the long-term picture is even brighter
NBC News
By Martha C. White
November 8, 2021
Stocks surged to record highs Monday, buoyed by fresh optimism about the government spending that would be unlocked by the passage of President Joe Biden’s infrastructure plan. The S&P 500 closed above 4,700 for the first time, and the Dow Jones Industrial Average added over 100 points, to close at 36,432. 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. “I definitely think this is a nice shot in the arm,” said Eric Diton, president and managing director of The Wealth Alliance. “There are clear beneficiaries … construction, steel, railroads.” Big industrial companies like equipment manufacturer Caterpillar and steel producers like U.S. Steel and Nucor got an immediate boost. The Global X U.S. Infrastructure Development ETF, known colloquially by its ticker symbol PAVE, rose as well.
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