In an address broadcast on US radio and YouTube, Obama promised a four-point plan, with investment going to public sector energy efficiency schemes, infrastructure, school building, and the internet. The construction industry and investors have been anticipating a ‘New Deal’ style stimulus package since Obama’s election. Allies of the president-elect have raised expectations that the amount of spending could reach hundreds of millions of dollars.
When the New York Stage Exchange closed trading on Monday (the first trading day after the president-elect’s ‘fireside chat’), Terex was up 17.98% to $16.01, and Manitowoc 18.12% higher, to $8.80. Other construction, energy and materials handling firms were among those benefitting from the proposals.
