Will The Rent Get Paid? [Daily Recap]
- U.S. equity markets rose on Thursday, buoyed by a sharp rise in oil prices, despite clear signs that the coronavirus-related economic shutdowns are inflicting significant damage on the U.S. economy.
- Initial Jobless Claims data this morning showed that nearly 10 million Americans have filed for unemployment claims over the last two weeks, a historically unprecedented two-week surge.
- After declining by 4.4% yesterday, the S&P 500 finished higher by 2.3% while the Dow Jones Industrial Average gained 470 points after yesterday's dip of nearly 1000 points.
- Real estate-related equities weren't beneficiaries of today's rally, however, as the broad-based commercial Real Estate ETFs gained just 0.5% with 14 of the 18 sectors in negative territory for the day.
- The slide continued for Mortgage REITs amid continued concerns over short-term liquidity, margin calls, and the potential impact of mortgage forbearance.
Real Estate Daily Recap
U.S. equity markets rose on Thursday, buoyed by a sharp rise in oil prices, despite clear signs that the coronavirus-related economic shutdowns are inflicting significant damage on the U.S. economy. Initial Jobless Claims data this morning showed that nearly 10 million Americans have filed for unemployment claims over the last two weeks, a historically unprecedented two-week surge. After declining by 4.4% yesterday, the S&P 500 ETF (SPY) finished higher by 2.3% while the Dow Jones Industrial Average (DIA) gained 470 points after yesterday's dip of nearly 1000 points. Real estate-related equities weren't beneficiaries of today's rally, however, as the broad-based commercial Real Estate ETF (VNQ) gained just 0.3% with 14 of the 18 sectors in negative territory for the day while Mortgage REITs (REM) pushed their losing streak to four straight days with declines of another 2.9%.
