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Wall Street Reacts to Biden’s Infrastructure Plan
As details surrounding President Biden’s Infrastructure Plan or the Fourth Stimulus Package continue to get released, Wall Street’s initial reaction was positive.
A part of the Infrastructure Plan includes almost $2 trillion in spending over the span of 8 years as a way to boost the economy and to create a substantial amount of jobs.
“The S&P 500 rose by 0.4% to reach a fresh record intraday high. The index’s month-to-date gain came out to more than 4%, marking its best monthly performance since November,” states Yahoo Finance.
The new bill includes funding for transportation including roadways, railways, and bridges with a focus on clean energy.
The largest part of the plan includes $650 billion to focus on American homes, school buildings, underground water infrastructure, and broadband expansion.
A portion of the funds will also help fund caregivers for the elderly or people with disabilities as well as funding for research, development, and manufacturing with again a focus on clean energy.
What most investors and lawmakers are concerned with is where the $2 trillion will come from.
According to USAToday, “Biden wants to raise the corporate tax rate to 28% to pay for the plan while also increasing the…