REITs Rebounds In April [Daily Recap]
- U.S. equity markets finished lower on Thursday following another slate of brutal economic data this morning, but ended their best month since 1987 amid rising optimism of an economic reopening.
- Following gains of 2.6% yesterday, the S&P 500 finished lower by 0.9% while the Dow Jones Industrial Average declined by 290 points following yesterday's 530 point surge.
- Following strong outperformance to start the week, real estate equities finished mostly lower as the broad-based Equity REIT ETFs declined by 1.5% while Mortgage REITs dipped by 3.9%.
- Bouncing back from the worst month for most major stock indexes in many decades, however, the S&P 500 gained nearly 13% in April. REITs gained 9% while Homebuilders surged nearly 30%.
- We've heard results from nearly two dozen equity and mortgage REITs over the last 24 hours. We cover the notable news and highlights from this jam-packed slate in this report.
Real Estate Daily Recap
U.S. equity markets finished lower on Thursday following another slate of brutal economic data this morning but ended their best month since 1987 amid rising optimism of a gradual economic reopening. Following gains of 2.6% yesterday, the S&P 500 ETF (SPY) finished lower by 0.9% while theDow Jones Industrial Average (DIA) declined by 290 points following yesterday's 530 point surge. Following strong outperformance to start the week, real estate equities finished mostly lower as the broad-based Equity REIT ETFs (VNQ) (SCHH) declined by 1.5% with all sectors besides cell towers and manufactured housing REITs finishing lower while Mortgage REITs (REM) dipped by 3.9% on another busy day of REIT earnings.
