Stocks Bounce Back From 'Black Monday' [Daily Recap]
- Following one of the worst days for global financial markets, U.S. equity markets bounced back as legislators and the Fed implement measures to soften the blow from the coronavirus crisis.
- On the back of declines of nearly 12% yesterday, the S&P 500 finished higher 6.0% while the Dow Jones Industrial Average gained 1,048 points after plunging nearly 3,000 points yesterday.
- After its worst day of all-time yesterday, the broad-based commercial Real Estate ETF gained 5.7% today with 15 of the 18 REIT sectors in positive territory.
- Homebuilders continued their coronavirus-related declines on fears of mounting project shutdowns. Homebuilder sentiment data, however, remained surprisingly strong in the NAHB's March report, which compiled survey data from the end of February and early March.
- On a similar note, retail sales data, particularly in the brick & mortar segments, were surprisingly solid in February during the early onset of the CV-19 outbreak. Total sales were higher by 4.3% year-over-year. The pain is coming, however, for many at-risk categories.
Real Estate Daily Recap
Following one of the worst days of all-time for global financial markets, U.S. equity markets bounced back on Tuesday as legislators and the Federal Reserve implement measures to soften the blow from the coronavirus crisis in a stimulus plan that could total more than $1 trillion dollars. On the back of declines of nearly 12% yesterday, the S&P 500 ETF (SPY) finished higher 6.0% while the Dow Jones Industrial Average (DIA) gained 1,048 points after plunging nearly 3,000 points yesterday. After delivering its worst day of all-time yesterday, the broad-based commercial Real Estate ETF (VNQ) gained 5.7% today with 15 of the 18 REIT sectors in positive territory, led by prison, timber, and industrial REITs.
