Next week, President Joe Biden will sign the $1.2 trillion infrastructure bill aimed at shoring up transportation and water facilities and the electric grid. One result: infrastructure stocks rose 10% on Monday, and 25% to 50% in the past month. The legislation may look as if it’s priced into the stocks. But infrastructure is a long play.

About half of the package would have been spent anyway, but the bill adds more than $200 billion to upgrade roads, bridges, and railways. Some $75 billion targets water and pollution clean-up;…

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