REITs, Homebuilders Extend Historic Rally [Daily Recap]
- U.S. equity markets extended their rally on Thursday ahead of the Easter Weekend, posting the strongest weekly gains in decades amid mounting evidence that the "coronavirus curve" is flattening.
- Ending the week with gains of over 12%, the S&P 500 added another 1.4% today while the Dow Jones gained 285 points to push its weekly point gain to 2,670.
- Real estate equities ended a historically strong week with another day of robust gains as the broad-based commercial Real Estate ETFs surged another 6.1% to push its weekly gains to 23%.
- Left for dead last week, housing-related equities delivered a historically strong week as well. Homebuilders rose nearly 40% while Mortgage REITs surged more than 50%.
- Initial Jobless Claims data this morning showed that nearly 17 million Americans have filed for unemployment claims over the last three weeks, a historically unprecedented three-week surge.
Real Estate Daily Recap
U.S. equity markets extended their rally on Thursday ahead of the Easter Weekend, posting the strongest weekly gains in decades amid mounting evidence that the "coronavirus curve" is flattening faster than initially expected. Ending the week with gains of more than 12%, the S&P 500 ETF (SPY) added another 1.4% to the gains today while the Dow Jones Industrial Average (DIA) gained 285 points to push its weekly point gain to over 2,600. Real estate equities ended a historically strong week with another day of robust gains as the broad-based commercial Real Estate ETFs (VNQ) (SCHH) surged another 6.1% to push its weekly total to over 23%. Mortgage REITs (REM), meanwhile, jumped another 9% on the day to push their weekly gains to over 50%, their best week on record.
