U.S. Markets closed

  • S&P 500

    3,997.51
    -5.36 (-0.13%)
     

  • Dow 30

    32,470.03
    -90.57 (-0.28%)
     

  • Nasdaq

    11,868.80
    +8.69 (+0.07%)
     

  • Russell 2000

    1,763.43
    -14.31 (-0.80%)
     

  • Crude Oil

    70.41
    +0.74 (+1.06%)
     

  • Gold

    1,951.80
    +10.70 (+0.55%)
     

  • Silver

    22.81
    +0.39 (+1.72%)
     

  • EUR/USD

    1.0794
    +0.0022 (+0.2051%)
     

  • 10-Yr Bond

    3.5560
    -0.0500 (-1.39%)
     

  • Vix

    21.10
    -0.28 (-1.31%)
     

  • GBP/USD

    1.2253
    +0.0034 (+0.2806%)
     

  • USD/JPY

    132.5800
    +0.1200 (+0.0906%)
     

  • BTC-USD

    27,167.71
    -978.06 (-3.47%)
     

  • CMC Crypto 200

    615.59
    -0.36 (-0.06%)
     

  • FTSE 100

    7,566.84
    +30.62 (+0.41%)
     

  • Nikkei 225

    27,466.61
    +520.94 (+1.93%)
     

An economic 'super cycle' will likely emerge: U.S. Steel CEO

Brian Sozzi
·Executive Editor
·3 min read

U.S. Steel President and CEO David Burritt is sensing a strong, V-shaped like economic recovery for the country as it moves beyond the COVID-19 pandemic.

"I have to say I have gone from — even back in the second quarter of last year — cautiously optimistic, dare I say bullish and now I am sensing there is a super cycle here with lots of cash and liquidity from the Fed," Burritt told Yahoo Finance Live. "[Federal Reserve Chairman Jerome] Powell did an incredible job last year just amazing. Then we have the relief bill going into place. Even money in that relief bill hasn't been spent, another $1.9 trillion."

Burritt and other companies that play in the infrastructure space are now fixated on the potential for a major infrastructure bill from the Biden administration. Should one get passed, it would only ignite the economic super cycle Burritt is seeing (and which is starting to appear in some economic data).

Recall, then presidential candidate Joe Biden outlined a more than $2 trillion infrastructure plan called Build Back Better. He said it would be the “largest mobilization of public investment since World War II.” Among other proposals in the plan, Biden would devote about $400 billion to expanding clean vehicle technology, steel production and other building materials. He is also earmarking $300 billion for investments in 5G and artificial intelligence.

Now that Biden is president he is expected to make a push for the Build Back Better plan once another round of COVID-19 relief gets passed.

Clearly, the time for a big infrastructure plan is long overdue and desperately needed.

According to new research from the American Society of Civil Engineers, the U.S. economy stands to lose $10.3 trillion in GDP by 2039 if an infrastructure bill isn’t passed. A total of $9 trillion in disposable income among households will be lost over the next 20 years, the research shows. The current state of America’s infrastructure — including gaping potholes on roads, outmanned electrical grids, and suboptimal public transport — is costing the average household in the country $3,300 a year.

"There is a lot of money on the table ready to be spent — spent on the infrastructure, spent on clean energy. Building back better is a great thing for this country and I think it's going to be a great thing for the world, too, to see the United States step up, collaborate and lead," Burritt added.

Investors may already be betting on U.S. Steel to haul in the profits as America rebuilds its aging infrastructure. Shares of U.S. Steel have surged 106% over the past year according to Yahoo Finance Premium data, outperforming the advances in the Dow Jones Industrial Average (8.2%) and S&P 500 (16.5%).

Yahoo Finance is going inside the nation's crumbling infrastructure in its latest series called: Rebuilding America. More details could be found here.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Find the latest in business and finance news here.

What’s hot from Sozzi:

Watch Yahoo Finance’s live programming on Verizon FIOS channel 604, Apple TV, Amazon Fire TV, Roku, Samsung TV, Pluto TV, and YouTube. Online catch Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, and reddit.

Recommended Stories

  • 'Invite me to your funeral': Jim Cramer makes a bold call on the Nasdaq — and even billionaire Elon Musk had to respond. Here are 3 ways to bet on that conviction

    Mad Money or a mad call?

  • Leaked Documents Show Amazon Made an Enormous Mistake

    The last year has seen a large number of job layoffs in the technology sector. Major companies like Salesforce, ESPN, Microsoft, Google, and Meta Platforms have all announced cuts to staffing -- a move that has been largely attributed to the rapid growth of online tech during the covid-19 lockdown. Amazon is one of the biggest companies announcing waves of job cuts -- in January, the company let go of more than 2,300 employees in the payments, health care, human resources, robotics, and web services departments.

  • Wall Street Bulls Look Optimistic About Medical Properties (MPW): Should You Buy?

    Based on the average brokerage recommendation (ABR), Medical Properties (MPW) should be added to one's portfolio. Wall Street analysts' overly optimistic recommendations cast doubt on the effectiveness of this highly sought-after metric. So, is the stock worth buying?

  • Ford F-150 Lightning recall reveals cause of battery fire

    The National Highway Traffic Safety Administration has revealed the root cause of the battery fires that halted Ford F-150 Lightning production.

  • Ask an Advisor: I'm a 43-Year-Old Divorced Dad With $315K in an IRA, $90K in a Roth and Other Accounts. Can I Retire at 57?

    I am a 43-year-old divorced father. I have $315,000 in a traditional individual retirement account (IRA), $90,000 in a Roth IRA, $22,000 in a health savings account (HSA), $8,000 in a 529 college savings account, $30,000 in a traditional 401k, … Continue reading → The post Ask an Advisor: I'm a 43-Year-Old Divorced Dad With $315K in an IRA, $90K in a Roth and Other Accounts. Can I Retire at 57? appeared first on SmartAsset Blog.

  • George Soros and Steve Cohen Have One Thing in Common: They Both Bet on These 2 Stocks

    In this uncertain market environment, the educated investor would do well to seek out some signal that can cut through the noise and indicate the sound stock purchase choices. Following the legendary investors, the traders who build multi-billion dollar fortunes on the stock market trading scene, is a popular strategy – and when two of those investing legends agree… well, there’s a stock that should definitely get a second look. George Soros and Steve Cohen have both built fortunes, for themselv

  • Elon Musk says what he thinks the Fed should do with interest rates

    Elon Musk on late Monday offered his opinion on what the Federal Reserve should do with its benchmark interest rate. The Fed's FOMC is meeting for two days this week.

  • Stock market news today: Stocks smoked after Federal Reserve raises rates by 0.25%

    U.S. stocks moved higher Wednesday after the Federal Reserve raised interest rates by quarter percentage point amid a fast-moving banking crisis.

  • 'Big Short' Michael Burry Sounds the Alarm on Two U.S. Banks

    The legendary investor indicates that more than 60% of Comerica and U.S. Bancorp deposits are uninsured.

  • US STOCKS-Wall St ends sharply lower after Powell warns inflation fight continues

    Wall Street gyrated to end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike, while hinting that it was on the verge of pausing future increases in view of recent turmoil in the financial sector. The three major U.S. stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell's subsequent Q&A session. "The market was encouraged when it heard that the Fed had considered pausing completely and then it was disappointed when Powell clarified that their hands weren’t tied and that they can keep raising rates if they need to," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

  • ‘Load Up,’ Says Raymond James About These 3 ‘Strong Buy’ Stocks

    The last few weeks have been rocky, with the collapse of Silicon Valley Bank, and the crypto-heavy Silvergate and Signature banks, dominating the headlines. For a short time, it seemed that the contagion would spread to the global financial giants. Now, however, it appears that we’ve managed to avoid a true banking crisis – and Raymond James’ chief investment officer Larry Adam has pointed out several reasons why. For starters, Adam notes that Credit Suisse, despite its troubles, found a way out

  • GE Is Splitting in Two. Here’s What the Parts Are Worth.

    Wolfe Research analyst Nigel Coe took a look at what GE Aerospace and GE Vernova will be worth on a stand-alone basis. GE Vernova, GE's power generation businesses, are due to be spun out in early 2024.

  • How Do I Avoid Paying Tax on Dividends?

    Dividends are payments that some companies make to shareholders to reward them for investing in them. Dividends can provide regular, predictable income to investors who also preserve the chance of profiting from price appreciation. Dividends can qualify for advantageous capital … Continue reading → The post How Do I Avoid Paying Tax on Dividends? appeared first on SmartAsset Blog.

  • CDC Rings Alarm About Deadly Fungus. 6 Things to Know.

    The number of infections from the Candida Auris fungus, which can be deadly for people who are already sick, is small but rapidly growing.

  • Delta Move Is Bad News For Southwest, United Airlines Passengers

    Airfare prices move up and down based on two major things -- passenger demand and the cost of actually flying the plane. Domestic air travel traffic for 2022 rose 10.9% compared to the prior year. The nation's air traffic in 2022 was at 79.6% of the full-year 2019 level.

  • The Fed Has Overseen a Remarkable Transfer of Wealth From Bondholders to Taxpayers

    The same dynamics that have left some banks reeling have handed taxpayers a windfall. The Fed will have to navigate them, David Beckworth writes.

  • First Republic shares drop 11% as Yellen says Treasury won't insure all deposits

    NEW YORK (Reuters) -As beleaguered First Republic Bank considers its options, Treasury Secretary Janet Yellen said on Wednesday there is no discussion on insurance for all deposits, making a "bull case" scenario more difficult for the stock. First Republic, whose shares have lost much of their value since the banking crisis started in the U.S. on March 8, is among the banks speaking to peers and investment firms about potential deals in the wake of U.S. regulators taking over Silicon Valley Bank and Signature Bank this month following bank runs. Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares.

  • U.S. Bancorp Dispels Doom Scenarios

    The regional bank says it's not facing a bank run as investors fear risk of contagion after Silicon Valley Bank collapse.

  • UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal - FT

    UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York. UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter.

  • JPMorgan is the unlucky owner of the fake nickel uncovered by the London Metal Exchange—really just bags of rocks

    It's the second scandal involving fake nickel in as many months.