Daily Recap

• U.S. equity markets rallied Wednesday on another slate of positive vaccine news and solid corporate earnings, as well as signs that the recent uptick in coronavirus cases may be waning.
• Adding to gains of 1.3% yesterday, the S&P 500 finished higher by 0.9% today while the Dow Jones Industrial Average rose by 228 points after yesterday's 557 point-surge.
• After gaining 0.8% on Tuesday, the broad-based Equity REIT ETF finished higher by 1.0% with 15 of 18 property sectors in positive territory while the Mortgage REIT ETF jumped 5.0%.
• Perhaps signaling a return of the "reopening rally," small-cap and mid-cap stocks led the gains today while hotel, retail, and casino REITs all surged more than 6% on the day.
• The housing market continues to lead the early stages of the economic rebound. The MBA reported that mortgage applications to purchase a home rose again last week and are now higher by 16% from the same time last year.

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