SUM - Why Fluor Cemex and Summit Materials Stocks Popped 15% (and More) Today
Remember the infrastructure bill? This is a song about the infrastructure bill.
Four years ago, companies involved in infrastructure work got a huge lift from the election of President Donald Trump. A well-known builder of hotels in his previous career, it was thought that electing Trump would bring about a new era for American infrastructure, and that the president would move swiftly to get legislation passed in Congress to repair crumbling roads and bridges and build new airports, sewer systems, and other infrastructure.
Four years later, nothing of the sort has happened. But all of a sudden today, shares of infrastructure stocks Summit Materials (NYSE: SUM) (asphalt), Cemex (NYSE: CX) (cement), and Fluor (NYSE: FLR) (engineering) raced out of the gate, closing the day up 20.1%, 16.1%, and 15.6%, respectively.