Stocks Soar As Pandemic Fears Wane [Daily Recap]
- Following the worst week since the financial crisis, U.S. equity markets surged on Monday as investors weighed the near-term risks of the coronavirus against tailwinds of central bank easing.
- Coming off 11.3% declines last week, the S&P 500 finished higher by 4.6% while the Dow Jones Industrial Average surged nearly 1,300 points, the largest one-day point gain in history.
- Bouncing back from its worst week on record, the broad-based commercial Real Estate ETF (VNQ) finished higher by 4.2%, led by strong gains from technology-focused and manufactured housing REITs.
- The underlying data shows that the coronavirus outbreak has moderated over the last several weeks with the number of active cases globally declining for a thirteenth straight day.
- Mortgage rates are likely to breach new historic lows this week, providing a potential tailwind for the U.S. housing industry - and homeowners - that could be a silver-lining to a potential near-term economic slowdown.
Real Estate Daily Recap
Following the worst week for global markets since the financial crisis, U.S. equity markets surged on Monday as investors weighed the near-term risks of the coronavirus against expectations of central bank stimulus. Coming off 11.3% declines last week, the S&P 500 ETF (SPY) finished higher by 4.6% while the Dow Jones Industrial Average (DIA) surged nearly 1,300 points, the largest one-day point gain in history. After flirting with going below 1% in the early-morning session, the 10-Year Treasury Yield (IEF) ended the day lower by 4 basis points, closing at 1.09%, another historic closing low. Bouncing back from its worst week on record, the broad-based commercial Real Estate ETF (VNQ) finished higher by 4.2%, led by strong gains from data centers, cell towers, and manufactured housing REITs.
