REITs Lead Bounce-Back Rally [Daily Recap]
- Following a historic rally yesterday, U.S. equity markets recorded back-to-back gains for the first time since February led by a bounce-back in the recently-beaten-down real estate sector.
- Following a 9.4% gain yesterday, the S&P 500 gained another 1.2% while the Dow Jones Industrial Average added nearly 500 points to the 2,112 point-gain yesterday.
- After yesterday's 9.0% surge, the broad-based commercial Real Estate ETFs were again leaders today, gaining 5.5% with all 18 REIT sectors in positive territory.
- Mortgage REITs jumped nearly 25% on expectations that the Treasury Department may provide support to shore-up short-term liquidity issues resulting from extreme levels of volatility.
- It was another strong day for housing-related equities, led by a second straight day of double-digit gains from the single-family homebuilders. Initial Jobless Claims data will be the highlight of tomorrow's economic calendar.
Real Estate Daily Recap
Following a historic rally yesterday, U.S. equity markets recorded back-to-back gains for the first time since February led by a bounce-back in the recently-beaten-down real estate sector. Following a 9.4% gain yesterday, the S&P 500 ETF (SPY) gained another 1.2% while the Dow Jones Industrial Average (DIA) added nearly 500 points to the 2,112 point-gain yesterday. After yesterday's 9.0% surge, the broad-based commercial Real Estate ETF (VNQ) was again a leader today, gaining 5.5% with all 18 REIT sectors in positive territory. Mortgage REITs (REM) jumped nearly 25% on expectations that the Treasury Department may provide support to shore-up short-term liquidity issues resulting from extreme levels of volatility.
