Late Rally Pushes Stocks To Weekly Gains
- A late-afternoon rally propelled U.S. equity markets to weekly gains on a wild week of intense volatility amid continued uncertainty over the potential economic fallout from the coronavirus outbreak.
- The S&P 500 declined by 1.7% today while the Dow Jones Industrial Average declined by 256 points on a week that saw the two largest single-day point gains in history.
- The broad-based commercial Real Estate ETF (VNQ) finished lower by 1.7%, but ended the week with gains of nearly 4%, led by manufactured housing, self-storage, and single-family rental REITs.
- Lost in the volatility, employment data was strong across-the-board this week, headlined by Friday's nonfarm payrolls report which surged past expectations with 273k net gains, beating estimates of 175k.
- Stay tuned for full coverage of this week's economic data in our Real Estate Weekly Outlook report published tomorrow morning.
Real Estate Daily Recap
A late-afternoon rally propelled U.S. equity markets to weekly gains on a wild week of intense volatility amid continued uncertainty over the potential economic fallout from the coronavirus outbreak. Coming off declines of 3.4% yesterday, the S&P 500 ETF (SPY) finished lower by 1.7% while the Dow Jones Industrial Average (DIA) declined by 256 points after a week that saw the two largest single-day point gains in history. For the week, the S&P 500 finished higher by roughly 0.5%. The broad-based commercial Real Estate ETF (VNQ) finished lower by 1.7%, but ended the week with gains of nearly 4%, led by the manufactured housing, self-storage, and single-family rental REIT sectors.
