Stocks & ETFs to Gain From Final Nod for Infrastructure Bill
Zacks Investment Research | Nov 08, 2021 03:36AM ET
Wall Street has another reason to cheer as the U.S. House of Representatives has passed the more than $1-trillion infrastructure bill on Nov 5. The bill has now moved to President Biden for his signature. The legislation was approved in a 228-206 vote, per a CNBC article.
Earlier, the Senate passed the bipartisan infrastructure bill of $550 billion in addition to the previously-approved funds of $450 billion for five years in August. Total spending may go up to $1.2 trillion if the plan is extended to eight years.
According to the White House, the bipartisan Infrastructure Investment and Jobs Act would allocate $550 billion in new money to transportation projects, the utility grid and broadband (as stated in a CNBC article). The legislation also provides $110 billion for roads, bridges and other major projects along with $66 billion for passenger and freight rail and $39 billion for public transit.
The bill will also channelize $65 billion into broadband, a priority for many lawmakers after the pandemic brought into notice the unequal division in Internet access facilities for households and students across the nation (per a CNBC article). The bill will also invest $55 billion in water systems, including initiatives to replace lead pipes.
Commenting on the bill, President Biden has said that it would “create millions of jobs, turn the climate crisis into an opportunity, and put us on a path to win the economic competition for the 21st Century,” as mentioned in a CNBC article.
h3 Stocks That Can Gain From the Approval/h3Leading producer of structural steel, steel bars, steel joists, steel deck and cold-finished bars in the United States, Nucor Corp. 5 Sector ETFs At All-Time Highs ).
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