REITs Gain On Solid Earnings [Daily Recap]
- U.S. equity markets gained for the fourth day in the past five on Friday, ending the week higher by more than 3% despite another slate of brutal unemployment data today.
- Erasing a decade's worth of job growth, 20.5 million workers lost their jobs in April amid the coronavirus-related economic shutdowns as the unemployment rate surged to a record 14.7%.
- Ending the week higher by 3.4%, the S&P 500 gained 1.7% on Friday while the Dow Jones Industrial Average gained another 450 points following yesterday's 210 points rally.
- Real estate equities rallied for the second-straight day following a furious slate of generally better-than-expected earnings. Equity REIT ETFs gained 2.4% while Mortgage REITs gained 2.4%.
- Another handful of REITs added their names to the Dividend Cut list this afternoon. We've now tracked 41 equity REITs in our universe of 165 names to announce a cut or suspension of their dividends.
Real Estate Daily Recap
U.S. equity markets gained for the fourth day in the past five on Friday, ending the week higher by more than 4% despite another slate of brutal unemployment data this morning. Ending the week higher by 3.4%, the S&P 500 ETF (SPY) finished higher by 1.7% while the Dow Jones Industrial Average (DIA) gained another 450 points following yesterday's 210 points rally. Real estate equities rallied for the second-straight day following a furious slate of generally better-than-expected earnings as rent collection metrics have been solid. Climbing into positive territory for the week, the broad-based Equity REIT ETFs (VNQ) (SCHH) gained 2.4% with 16 of the 18 sectors in positive territory while Mortgage REITs (REM) gained 2.4%.
