Infrastructure stocks spike with plans to increase defense spending
Infrastructure-releated stocks rose after President Donald Trump said he will soon release a budget that will increase defense spending by $54 billion, reports CNBC.
Increases to the budget in defense spending will be offset by savings elsewhere, Trump says.
According to CNBC, Martin Marietta Materials’ shares rose more than 4 percent, while Vulcan Materials’ and Nucor’s shares rose about 3 percent. In addition, Caterpillar and Boeing rose to trade among the top three contributors to gains in the Dow Jones industrial average. The index climbed 16 points following Trump’s budget briefing at the White House.
The materials sector in the S&P 500 also rose about 0.5 percent following Trump’s comments, CNBC adds.
About the Author: Allison Kral
Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.Subscribe to Pit & Quarry
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