REITs Surge On Strong Housing Data, Reopening Optimism [Daily Recap]
- U.S. equity markets surged on Monday on rising optimism of a V-shaped economic recovery as states and countries around the world accelerate the reopening process as coronavirus cases continue to decline.
- Adding to gains of 3.2% last week, the S&P 500 jumped another 1.2% on the day, briefly reclaiming the 3,000-level, while the Dow Jones Industrial Average finished higher by 530-points.
- Following last week's 7% surge, the broad-based Equity REIT ETFs finished higher by another 4.3% while Mortgage REIT ETFs gained by 4.2% to add to last week's 11% gains.
- Housing-related stocks were again among the leaders today after New Home Sales data smashed expectations, recording a month-over-month gain in April versus expectations of a sharp decline.
- Fresh data today from Zillow provided further confirmation of a strong rebound in housing market activity. Zillow noted that newly pending sales are up 13% week over week and nearly 50% over the last month through early May.
Real Estate Daily Recap
U.S. equity markets surged on Monday on rising optimism of a V-shaped economic recovery as states and countries around the world accelerate the reopening process as coronavirus cases continue to decline. Adding to gains of 3.2% last week, the S&P 500 ETF (SPY) jumped another 1.2% on the day, briefly reclaiming the 3,000-level while the Dow Jones Industrial Average (DIA) finished higher by more than 500 points. Following last week's 7.0% surge, the broad-based Equity REIT ETFs finished higher by another 4.3% on the day led by a continued rebound in many of the most beaten-down property sectors including retail, hotel, and student housing REITs while Mortgage REIT ETFs gained by 4.2% to add to last week's 11% gains.
