Reopening Rally Continues [Daily Recap]
- The reopening rally continued for U.S. equity markets on Wednesday following another round of strong housing data and early indications that the U.S. economy may already be rebounding.
- Adding to gains of 1.2% yesterday and 3% last week, the S&P 500 jumped another 1.2% on the day, closing above the 3,000-level for the first time since March 5th.
- Following yesterday's 4.3% surge, the broad-based Equity REIT ETFs added another 1.8% today, with 16 of 18 REIT sectors in the green while Mortgage REITs gained another 2.4% today.
- The Mortgage Bankers Association reported this morning that home purchase mortgage applications rose for the 6th straight week and are now 9% higher from the same week last year.
- STR reported yesterday that hotel occupancy has already begun to rebound, powering a strong day for hotel REITs. Occupancy in early-May was over 30% compared to roughly 20% in early-April.
Real Estate Daily Recap
The reopening rally continued for U.S. equity markets on Wednesday on another round of strong housing data and early indications that the U.S. economy may already be rebounding. Adding to gains of 1.2% yesterday and 3.2% last week, the S&P 500 ETF (SPY) jumped another 1.2% on the day, closing above the 3,000-level for the first time since March 5th while the Dow Jones Industrial Average (DIA) surged over 500 points for the second straight day. Following yesterday's 4.3% surge and last week's 7.0% gain, the broad-based Equity REIT ETFs added another 1.8% today, with 16 of 18 REIT sectors in the green while Mortgage REIT ETFs gained another 2.4%.
