REITs Surge On Another Wild Week
- The coronavirus-related volatility continued on a wild week for U.S. equity markets. Stocks ended in the green following historic intra-day fluctuations and an emergency rate cut by the Federal Reserve.
- After sliding 11.3% last week, the S&P 500 finished the week higher by 0.5% while the Dow Jones gained 450 points, boosted by the two largest one-day point gains ever.
- Domestic-focused and yield-sensitive equity sectors were big winners this week. REITs surged 4.2% on the week, with 14 of the 18 real estate sectors finishing higher by at least 2%.
- Mortgage rates dipped to historic lows this week, representing a potentially massive natural economic stimulus to provide fuel to a recently resurgent housing market.
- 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.
