REIT Rally Fades [Daily Recap]
- The rally for U.S. equity markets faded on Thursday as investors balanced encouraging signs of economic reopening with signs of heightened tensions with China and concerns over social media regulation.
- After closing at the highest level since March 5th yesterday, the S&P 500 declined by 0.2% while the Dow Jones Industrial Average gave back 148 points after two consecutive 500-point-surges.
- Adding to strong gains over the past two weeks, the broad-based Equity REIT ETFs finished higher by 0.3% on the day while Mortgage REIT ETFs declined by 2.4%.
- Jobless claims data this morning showed that millions of Americans have returned to work over the last several weeks. Continuing jobless claims dipped by 3.9 million despite another 2.1 million initial claim filings.
- Billboard REIT Lamar Advertising became the 51st equity REIT to cut its dividend, announcing a reduction in its quarterly payout from $1.00 to $0.50 per share.
Real Estate Daily Recap
The rally for U.S. equity markets faded on Thursday as investors balanced encouraging signs of economic reopening with signs of heightened tensions with China and concerns over social media regulation. After closing at the highest level since March 5th yesterday, the S&P 500 ETF (SPY) declined by 0.2% while the Dow Jones Industrial Average (DIA) gave back 148 points after two consecutive 500-point surges. Adding to strong gains over the past two weeks, the broad-based Equity REIT ETFs finished higher by 0.3% on the day led by the technology, industrial, and residential REIT sectors while Mortgage REIT ETFs declined by 2.4% after robust gains earlier this week.
