Real Estate Powers Stocks To Near-Record Highs
- For the full report, click here to visit Seeking Alpha!
- Real estate continued to roll this week, leading the S&P 500 to within 1% of new record highs. REITs climbed for a remarkable fourteenth week out of the past fifteen.
- REITs pushed their 2019 gains to just shy of 20%, reaching the highest level in two and a half years. REIT earnings season kicks off next week with Prologis and Crown Castle.
- Not to be outdone, Homebuilders jumped another 1.5% on the week, leading the broader housing sector to another week of solid gains with an important week of housing data ahead.
- CPI data came in cooler than expected, but suddenly rising energy prices have become a threat to potentially derail the "Goldilocks" conditions that have powered the 2019 rejuvenation.
- The US labor market is relentless. Initial jobless claims hit a 50-year low this week and JOLTs data continues to show that there are more job openings than unemployed Americans.
