In the wake of the U.S. Congress’ passage of a $1 trillion infrastructure package late last week, the S&P 500 closed at a record high at the beginning of this week. Also, a decline in jobless claims, declining COVID-19 cases, and estimated strong growth in the fourth quarter are fostering investor bullishness. Therefore, we think it could be worth betting on fundamentally sound stocks ArcelorMittal (NYSE:MT), US Foods (USFD), and Sanderson Farms (NASDAQ:SAFM). These stocks possess strong growth attributes and could double their earnings over the next few years. So, let’s examine these names more closely.All three major U.S. stock market indices closed at record highs at the beginning of this week after the U.S. House of Representatives passed a $1.2 trillion infrastructure bill last week. Moreover, analysts expect the stock market to remain upbeat in the coming months on favorable economic data. Citi’s Anthony Pettinari said in a note that “We view this generational investment as a significant catalyst for growth for a number of our stocks.”
The Labor Department reported yesterday that weekly jobless claims decreased to 267,000. After slow growth in the third quarter, the U.S. economy is expected to achieve strong growth in the fourth quarter. In addition, more economic growth is expected next year, fueled by the continued expansion in consumer and government spending, which have raised investors’ confidence.
Given this backdrop, if one has $3,000 in disposable cash, we think one should consider investing in the fundamentally strong growth stocks of ArcelorMittal (MT), US Foods Holding Corp . (NYSE:USFD), and Sanderson Farms Inc. (SAFM) because their earnings could more than double over the next few years.