V-Shaped Housing Recovery? [Daily Recap]
- U.S. equity markets delivered strong gains on Wednesday on more positive vaccine news - today from Inovio Pharmaceuticals - and on hopes of a more "V-shaped" economic recovery than previously feared.
- Following yesterday's 1.1% decline, the S&P 500 jumped 1.7% while the Dow Jones Industrial Average surged 369 points, essentially erasing Tuesday's 390 point decline.
- Real estate equities delivered solid gains as more retailers, hotels, and casinos progress with reopening plans while states that have reopened continue to report lower coronavirus cases.
- After declining 1.3% yesterday, the broad-based Equity REIT ETFs gained 1.0% with 15 of the 18 REIT sectors in positive territory while Mortgage REITs jumped 3.7%.
- Signs of a "V-shaped" recovery have emerged for the U.S. housing sector over the last month. Home purchase mortgage applications rose for the 5th straight week and are now lower by just 1.5% from last year compared to the 35% decline in April.
Real Estate Daily Recap
U.S. equity markets delivered strong gains on Wednesday on more positive vaccine news - today from Inovio Pharmaceuticals (INO) - and on renewed hopes of a V-shaped economic recovery following strong earnings from Lowe's (LOW) and Target(TGT). Following yesterday's 1.1% decline, the S&P 500 ETF (SPY) jumped 1.7% while the Dow Jones Industrial Average (DIA) surged 369 points, essentially erasing Tuesday's 390 point decline. Real estate equities delivered solid gains as more retailers, hotels, and casinos progress with reopening plans while states that have reopened continue to report lower coronavirus cases. After declining 1.3% yesterday, the broad-based Equity REIT ETFs gained 1.0% with 15 of the 18 REIT sectors in positive territory while Mortgage REIT ETFs jumped 3.7%.
