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Wall Street is betting on Joe Biden getting infrastructure done

April 8, 2021. Summarized by summa-bot.

Compression ratio: 18.7%. 1 min read.

Motor vehicle traffic moves along the Interstate 76 highway in Philadelphia, Wednesday, March 31, 2021. Looking beyond the $1.9 trillion COVID relief bill, President Joe Biden and lawmakers are laying the groundwork for another of his top legislative priorities ??? a long-sought boost to the nation's roads, bridges and other infrastructure that could meet GOP resistance to a hefty price tag. (AP Photo/Matt Rourke)

After four years of head fakes and dashed hopes, there's reason for investors to believe that Washington will finally get something done to repair highways, railroads and bridges and spend more on high tech and telecom networks.

President Biden's proposed $2 trillion infrastructure plan has the market excited.

"Investors have been waiting a long time for a generous, federally led infrastructure package," said David Bianco, chief investment officer of the Americas for DWS.

"The Biden administration and Congressional Democrats are looking to spend as a means to push the economy forward," said Jim Baird, chief investment officer with Plante Moran Financial Advisors.

Biden's plan is also likely to give a lift to companies that run cell phone towers, data centers and other high tech and telecom infrastructure, said Mercer's Calcagni.

"This is going to be positive in the long run for tech firms, manufacturing companies and even municipal bond investors," said Stephen Dover, chief market strategist and head of the Franklin Templeton Investment Institute.

"This isn't just about repairing what's wrong now right away, but also managing for the next 30 to 50 years," said Christophe Petit, co-founder and president with Star America Infrastructure Partners.

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