NEW YORK - A U.S. government plan to upgrade the nation’s infrastructure could further fuel the stock market’s rally, but skepticism about a massive spending package navigating political obstacles and the speed of any benefits filtering into the economy stand to temper any enthusiasm.
President Joe Biden will travel to Pittsburgh next week to unveil the infrastructure plan, which could have a price tag as high as $4 trillion. But, Baird said, “it still has a long way to go to get through a Congress that is very much divided and will have significant questions about how to pay for it.”
“Stocks have started to price in that there is a good likelihood of infrastructure spending coming down the pike,” said Eric Marshall, a portfolio manager at Hodges Capital, which holds shares of Eagle Materials, a stock that has gained about 23% this year. Key will be whether the package is linked to tax increases, such as lifting the levy that companies pay, which also could dampen investor excitement for the spending package.
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The infrastructure bill will spend money, but no infrastructure will be built.
Bounce back loan repayments have just kicked in . Hope everyone managed to bounce back in the 2nd lockdiwn... oh wait...
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