Tags: Mario Gabelli | Infrastructure | Housing | Stocks | Trump

Gabelli: Infrastructure, Housing Stocks Will Be Fine Even Without Trump

Douglas C. Pizac/AP

By Newsmax Wires   |   Thursday, 18 May 2017 04:38 PM

Billionaire value investor Mario Gabelli told CNBC on Thursday that he is making a bet on infrastructure even if the Trump administration doesn't deliver on its $1 trillion plan to improve roads, tunnels and bridges.

The CEO, founder and chairman of Gamco Investors told CNBC that the U.S. has to make investments in its crumbling infrastructure. He said President Donald Trump's proposed infrastructure plan will act as "extra tail wind" to the sector that is already likely to succeed.

"I think housing is going to do well. I think industrial construction is going to do OK, independent" of Trump's plan, Gabelli said.

"Infrastructure is important because it helps fiscal stimulation, it offsets monetary policy, it helps the jobs in the middle of the country, it helps everyone," he said.

Meanwhile, Wall Street rebounded on Thursday from its biggest selloff in more than eight months with help from a move to loosen internet regulations and strong economic data.

Investors were still watching Washington closely after reports the U.S. President tried to interfere with an investigation into former National Security Adviser Michael Flynn's ties with Russia, Reuters reported.

"We could be just shaking off the jitters here. Yesterday, investors were really worried," said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

Investors were likely relieved, she said, by last night's appointment of former FBI chief Robert Mueller to investigate alleged Russian interference in the election and possible collusion between Trump's campaign and Moscow.

"Whatever the (investigation) result, people feel they might have confidence it's an accurate, unbiased result," she said.

(Newsmax wires services contributed to this report).

© 2017 Newsmax Finance. All rights reserved.

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Billionaire Mario Gabelli told CNBC on Thursday that he is making a bet on infrastructure even if the Trump administration doesn't deliver on its $1 trillion plan to improve roads, tunnels and bridges.
Mario Gabelli, Infrastructure, Housing, Stocks, Trump
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2017-38-18
 

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