Did We Find The Bottom? [Daily Recap]
- On a relatively calm day by coronavirus crisis standards, U.S. equity markets bounced back on Thursday led by many of the most recently-beaten-down equity sectors.
- After a dip of 5% yesterday, the S&P 500 finished today higher by 0.5% while the Dow Jones Industrial Average gained 188 points after dipping 1,300 points yesterday.
- The broad-based commercial Real Estate ETF gained 0.4% today led by a recovery in the most hardest-hit areas of the real estate sector including malls, hotels, and healthcare REITs.
- Homebuilders and other housing-related names, which were red-hot before the coronavirus crisis, bounced back strongly today amid an especially rough month for residential real estate equities.
- Initial jobless claims climbed to 281k last week, not as bad as many economists feared. Next week's report is expected to show a historic (but hopefully temporary) jump.
Real Estate Daily Recap
On a relatively calm day by coronavirus crisis standards, U.S. equity markets bounced back on Thursday led by many of the most recently-beaten-down equity sectors as policymakers and central banks continue to take action to combat the economic effects of the virus-related shutdowns. After a dip of 5% yesterday, the S&P 500 ETF (SPY) finished today higher by 0.2% while the Dow Jones Industrial Average (DIA) gained 188 points after dipping 1,300 points yesterday. Following a nearly 10% dip yesterday, the broad-based commercial Real Estate ETF (VNQ) gained 0.4% today led by a recovery in the mall, hotel, and healthcare sectors while the recently-outperforming REIT sectors including data centers and cell towers were among the laggards.
