Goodbye, Bear Market [Daily Recap]
- U.S. equity markets gained for the third straight day on Thursday, ending the shortest bear market in history on hopes that fiscal stimulus can offset near-term economic pain from coronavirus-shutdowns.
- Following a 10.6% gain over the prior two days, the S&P 500 gained another 6% while the Dow Jones added nearly 1,351 points to the two-day 2,600 point gain.
- Adding to their two-day gain of nearly 15%, the broad-based commercial Real Estate ETFs were again leaders today, gaining 7.1% with all 17 of the 18 REIT sectors gaining ground.
- Mortgage REITs jumped another 21% after yesterday's 25% surge as short-term funding concerns subside after much of the industry appeared to be on the edge of collapse last week.
- Initial Jobless Claims skyrocketed to the highest level on record as broad coronavirus-related economic shutdowns put nearly 3.3 million Americans out of work last week.
Real Estate Daily Recap
U.S. equity markets gained for the third straight day on Thursday, ending the shortest bear market in history on hopes that fiscal stimulus can offset near-term economic pain from coronavirus-related shutdowns. Following a combined 10.6% gain over the last two days, the S&P 500 ETF(SPY) gained another 6% while the Dow Jones Industrial Average(DIA) added nearly 1,351 points to the two-day 2,600 point gain. Adding to their two-day gain of nearly 15%, the broad-based commercial Real Estate ETF(VNQ) was again a leader today, gaining 7.1% with all 17 of the 18 REIT sectors in positive territory. Mortgage REITs(REM) jumped another 21% after yesterday's 25% surge as short-term funding concerns subside.
