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Stock Market Today With Jim Cramer: Marvell Diversity, Nucor Opportunity

Jim Cramer discusses holdings in the portfolio of his investing club, Action Alerts PLUS, and how Nucor might benefit from new construction spending.

The S&P 500 set an intraday all-time high on Friday and was on track for its best week since April amid optimism about the U.S. economic recovery.

Sentiment was boosted by the announcement of a roughly $1 trillion bipartisan infrastructure deal and a report on inflation that came in as expected.

Cramer Breaks Down Action Alerts PLUS Names

Hypercomputing is bigger than 5G now at Marvell  (MRVL) - Get Marvell Technology Group Ltd. Report, giving the company the type of diversification that investors should value, TheStreet's Jim Cramer told members of his investing club, Action Alerts PLUS. 

"Microsoft  (MSFT) - Get Microsoft Corporation (MSFT) Report has moved up on a delayed reaction to its latest quarter. It remains inexpensive vs. its historic growth rate and its consistency," Cramer said.

"People are asking why we aren't taking profits in Nvidia  (NVDA) - Get NVIDIA Corporation Report after this remarkable run. The answer is that there is so much that is coming to fruition and we need to know if it has won the right to buy another company I love, Arm Holdings," Cramer said of Nvidia.

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Cramer: Nucor to Benefit From Infrastructure Deal

The infrastructure deal that was struck in Congress will be a boon for American steel company Nucor  (NUE) - Get Nucor Corporation Report, which is set to benefit from construction spending.

The roughly $1 trillion plan includes more than $500 billion in new spending focused on improving the nation’s roads, bridges and broadband. 

President Joe Biden expressed his support for a bipartisan infrastructure bill drafted by 11 Republicans and 10 Democrats. 

“It was essential to show the American people that the Senate can function...America can get things done," Sen. Susan Collins (R-Maine) said during comments to reporters.