It's hard to believe: We've just experienced back-to-back days in which the equities markets surged nicely. And after getting beaten down by Mr. Market like a rented mule, one sector now appears to be giving investors good reasons to hope for a rebound -- for at least a little while.
The industry? Construction.
No, I'm not talking about housing, despite the homebuilders' attempts to tap into government bailout money. Rather, I'm talking about the public works folks, such as Fluor
Probably because the administration-in-waiting has been talking up infrastructure work as an elixir for our sputtering economy, Fluor's share price has tacked on more than 25% in the past two trading days. Ditto for Granite Construction
And then there are the cement producers, about half of whose output ultimately ends up in roads, bridges, and other public-works projects. Dallas-based Texas Industries
And then there's another "Big D" operative, Eagle Materials
Yet despite having substantial U.S. assets, big Mexican cement manufacturer Cemex
The building of new roads and the reconstituting of bridges won't start overnight. Nevertheless, the companies operating in the heavy-construction sector have surrendered so much value recently that even the slightest glimmer of hope could push them back toward a recovery.
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