Earnings Recap | Housing's Hot | REITs Extend Rally
Daily Recap
- U.S. equity markets finished higher Wednesday after the Federal Reserve reiterated support for financial markets while U.S. housing data continues to show impressive and resilient strength in the economically-critical sector.
- Bouncing back from a decline of 0.6% yesterday, the S&P 500 finished higher by 1.2% today while the Dow Jones Industrial Average gained 161 points following yesterday's 205-point decline.
- Pushing gains to 5% this week, the Equity REIT ETF finished higher by another 1.9% with all 18 property sectors in positive territory ahead of another busy afternoon of earnings.
- Pending Home Sales surged 16.6% in June, continuing the streak of impressive housing data. Applications to purchase a home, meanwhile, are 21% higher from last year as housing continues to lead the recovery.
- We discuss earnings reports from data center REITs CyrusOne and Equinix; apartment REITs Mid-American and AvalonBay; and industrial REITs Duke Realty and EastGroup Properties.
