• U.S. equity markets rallied for the fourth straight day on Wednesday after housing and employment data indicated that the post-pandemic economic rebound appears to already be taking hold.
• Closing more than 40% above its lows in March, the S&P 500 gained another 1.4% on the day while the Dow Jones Industrial Average finished higher by another 527 points.
• Real estate equities have led the reopening rally over the past two months and homebuilders and REITs were again among the leaders today. Equity REITs jumped another 3.5% today.
• The Mortgage Bankers Association reported this morning that home purchase mortgage applications rose for the 7th straight week and are now 18% higher from the same week last year.
• ADP revealed that far fewer jobs were lost in May than anticipated. Retail REITs led the way today after encouraging reports on recovering demand from a bevy of retailers and payment processing firms.

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