President Biden Says Experts Estimate $50B Damage From Milton Alone; Storms Show That We Need To Harden U.S. Power Grid; Says He Will Make A Request To Congress For More Money
Portfolio Pulse from Benzinga Newsdesk
President Biden highlighted the significant damage caused by recent storms, estimating $50 billion in damage from Milton alone. He emphasized the need to strengthen the U.S. power grid and plans to request additional funding from Congress.
October 11, 2024 | 5:38 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) may be indirectly affected by President Biden's call for increased funding to strengthen the U.S. power grid, as infrastructure spending can impact various sectors within the S&P 500.
While SPY is not directly mentioned, the ETF represents the S&P 500, which includes companies that could benefit from increased infrastructure spending. However, the impact is indirect and depends on legislative outcomes.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 20