By Yasin Ebrahim
Investing.com – Wall Street is swinging lower on Tuesday, but copper and steel stocks are sidestepping the selling on hopes a massive ramp-up in infrastructure spending will drive growth.
"With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill,” Trump tweeted.
"It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4,” he added.
United States Steel (NYSE:X) rose 9%, Commercial Metals Company (NYSE:CMC) 5% and Cleveland-Cliffs (NYSE:CLF), also up 9%, were among the biggest gainers.
It is not the first time Trump has pushed for a massive increase in infrastructure spending. In 2016, Trump vowed to seek $1 trillion in infrastructure spending, but bipartisan support fell through as both sides of aisle failed to agree on how much federal funding would be included.
An infrastructure bill could fund construction and repairs of roads, bridges, railroads or other public works projects