Infrastructure stocks surge as Democrats on verge of sweep

Gibraltar Industries

06/01/2021 17:29

(Updates. Changes headline, adds iShares U.S. Infrastructure
ETF)
    ** Shares of construction and engineering firms surge on
Weds as Democrats edge closer to U.S. Senate control,
brightening prospects for increased infrastructure spending
 urn:newsml:reuters.com:*:nL4N2JG3IM
    ** Vulcan Materials  VMC.N  rises 8.9% and Martin Marietta
Materials  MLM.N  gains 7.1% and Jacobs Engineering  J.N  up
7.8%; each hit fresh record highs in session
    ** U.S. Concrete Inc  USCR.O  up 14.0% and Eagle Materials
 EXP.N  up 8.5%
    ** S&P 1500 construction materials index  .SPCOMCOM  climbs 
8.2% and on track for best day since June
    ** The iShares U.S. Infrastructure ETF  IFRA.Z  achieves
all-time record and last up 4.9%
    ** ETF's top 2 holdings (per ETF.com), building products co
Gibraltar Industries  ROCK.O  and iron ore miner
Cleveland-Cliffs  CLF.N , up 11% and 13%, respectively
    ** Election sweep by Democrats could lead to large
infrastructure spending bill, a potential early priority for a
Joe Biden administration  urn:newsml:reuters.com:*:nL2N2GI194
    ** Democrats won one U.S. Senate race in Georgia and lead in
the other runoff  urn:newsml:reuters.com:*:nL1N2JH0MK
    ** Diversified industrials also rally on Weds on potential
"blue wave"  urn:newsml:reuters.com:*:nL4N2JF2MI

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))