S&P 500   4,532.76
DOW   35,028.65
QQQ   366.48
S&P 500   4,532.76
DOW   35,028.65
QQQ   366.48
S&P 500   4,532.76
DOW   35,028.65
QQQ   366.48
S&P 500   4,532.76
DOW   35,028.65
QQQ   366.48

With its agenda stuck, WH puts focus back on infrastructure

Friday, January 14, 2022 | Josh Boak, Associated Press


President Joe Biden speaks about the Bipartisan Infrastructure Law at the South Court Auditorium in the Eisenhower Executive Office Building on the White House Campus in Washington, Friday, Jan. 14, 2022, as Mitch Landrieu, Senior Advisor & Infrastructure Act Implementation Coordinator, looks on. (AP Photo/Andrew Harnik)

President Joe Biden on Friday tried to put behind recent setbacks on voting rights and his economic agenda by outlining progress made in implementing his $1 trillion bipartisan infrastructure package.

“When we invest in infrastructure, we’re really investing in opportunity,” Biden said. “These are investments that will build a better America. It sounds like hyperbole, but it's real.”

Sixty days after the infrastructure package became law in November, the Transportation Department is launching a $27 billion program to repair and upgrade roughly 15,000 bridges. Under the five-year program, the federal government will release nearly $5.5 billion this fiscal year to states, Puerto Rico, the District of Columbia and tribes.

The president is trying to regain a sense of optimism after his administration has endured a rough week. His economic and voting rights agenda has been stymied in the Senate, while the Supreme Court halted his administration’s vaccine-or-testing mandate for businesses with more than 100 employees.

Biden said he's determined to show that construction tied to the infrastructure package can better people's lives.

“There’s a lot of talk about disappointments of things we haven’t gotten done — we’re gonna get a lot of them done, I might add,” he said. “But this is something we did get done and it's of enormous consequence to the country.”

The White House issued a fact sheet in advance of Biden's remarks that details how the administration is preparing to distribute infrastructure funds. There are plans to build out 500,000 charging stations for electric vehicles. The Transportation Department has announced the distribution of roughly $56 billion to improve highways, airports and shipping ports.

The Environmental Protection Agency has announced plans to disburse $7.4 billion to upgrade water and sewer systems. Steps are also being taken to build out broadband internet, among other initiatives.

Former New Orleans Mayor Mitch Landrieu is tasked with managing the implementation of the infrastructure spending. He appeared with Biden on Friday and pledged to “deliver results on time, on task and on budget.”


7 Retail Stocks to Buy After Strong Quarterly Earnings

Earnings season follows a predictable pattern. Bank stocks report first; then big tech stocks weigh in. And now, late in earnings season, we hear from the retail sector. Investors were expecting strong numbers and, for the most part, retailers delivered.

However, for some retailers, this may become a “sell the news” event.

That’s because on August 16, before the big-name retailers reported, the U.S. Retail Sales Report showed a 1.1% decline in retail sales in July from June. So while retail sales for the last two quarters will be strong, investors are wondering if the sector is entering a period of slowing growth. Concern about the Delta variant perhaps bringing more restrictions to the retail sector adds to the concern.

However, sectors don’t move in lockstep. In every market, there are strong performers even in tough economic conditions. This was true during the pandemic. And it’s true in the recovery. Summer is traditionally a slower season overall for retail. The July numbers probably do not reflect all of the back-to-school purchases. And, of course, stores are already beginning to prepare for the holiday season.

View the "7 Retail Stocks to Buy After Strong Quarterly Earnings".


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