Daily Recap: Real Estate Steady As Stocks Slide
- Fears over the spread of the potentially deadly coronavirus sent U.S. equity markets tumbling on Monday with the major averages dropping by the most since October.
- The S&P 500 fell by 1.5% and the Dow Jones Industrial Average dipped more than 400 points, each adding to last week's declines.
- Oil prices again extended their losses, dipping another 2.5% and helping to pull the 10-Year Treasury Yield lower by another 7 basis points to end the day at 1.61%.
- Real estate equities were a relative safe-haven on the day as the broad-based commercial Real Estate ETF declined by 0.5%. Mall REITs were hit hard, however, after results from Tanger.
- Homebuilders were another bright spot after strong earnings results from DR Horton, which beat on EPS and revenue and boosted the upper end of its 2020 guidance.
