Infrastructure and infrastructure stocks were in full focus Wednesday as the Democratic-held Senate approved the $3.5 trillion budget resolution along party lines following Tuesday's bipartisan approval of the $1.2 trillion infrastructure plan.
Both bills now head to the House of Representatives, which is currently in recess.
On Mad Money Tuesday, Jim Cramer noted that infrastructure is critical to economic growth and the strength of the stock market going forward.
"Stop pinning this rally on the Federal Reserve, Jim Cramer told his Mad Money viewers Tuesday. Sure, lower interest rates are helping the economy, but the Fed's contribution pales in comparison to the effects the child tax credit is having on retail or what the new infrastructure bills means for American manufacturing," Scott Rutt wrote in his Mad Money Recap.
Cramer told Action Alerts PLUS senior analyst Jeff Marks that the infrastructure deal "takes the cyclicality out of Nucor," adding that the need for steel turns the stock into a multi-year "supercycle".
"You should not take your profits initially because Nucor can double....The stock was at $60 and now it's double. Could it double again? That's a stretch, but it's going to go higher," Cramer said.
Cramer added that the analyst estimates around Nucor are simply too low.
"If you buy a stock cause you believe it goes up when estimates are bumped, that's the one to own," he said.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/11/21
Nucor is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.