U.S. President Donald Trump helped send shares of Freeport McMoRan soaring Tuesday after he signed an executive order putting his infrastructure spending plan into action.
Shares of the metals and mining company jumped 8.27% Tuesday as investors anticipated higher sales for Freeport under the infrastructure-focused and energy-friendly Trump administration. The stock also received a bump as investors looked forward to the company’s fourth quarter earnings report Wednesday morning.
That boosted Freeport’s market capitalization by $2.1 billion, making the company worth $23.5 billion.
Trump’s plan to increase infrastructure spending has sent metals and mining stocks on a wining streak since his election on Nov. 8. The S&P 500 Metals and Mining Select Industry Sector Index rose 3.2% in Tuesday trading, though it has risen nearly 28% since the elections.
Shares of Freeport McMoran have risen nearly 41% since Nov. 8 — meaning investors had decided that the company is roughly $12 billion more valuable with Trump sitting in the White House than not.
