REITs Extend Reopening Rally [Daily Recap]
- .S. equity markets continued their "reopening rally" on Monday as high-frequency data continues to indicate a far-more-rapid post-pandemic economic rebound than most investors initially expected.
- Erasing its YTD losses for 2020 and adding to its nearly 5% gains last week, the S&P 500 added another 1.2% today while the Dow Jones Industrial Average jumped 462 points.
- Adding to last week's gains of more than 10%, the broad-based Equity REIT ETFs gained another 2.8% today while Mortgage REITs jumped 8.7% after surging nearly 20% last week.
- Monday's gains were supported by coronavirus data showing that Sunday saw the lowest number of new deaths and the second-lowest number of new cases since late March as the pandemic continues to wane in the northern hemisphere.
- Fresh data from residential brokerage firm Redfin released this weekend showed that home buying demand is now up a stunning 22% from pre-pandemic levels after seven straight weeks of gains.
