Daily Recap

• U.S. equity markets finished mixed as solid retail sales data and better-than-expected consumer confidence data continue to lessen the sense of urgency for a fiscal stimulus agreement.
• Ending the week higher by nearly 1%, the S&P 500 finished fractionally lower on the day while the Dow Jones Industrial Average gained 34 points following yesterday's 80 point decline.
• Ending the week off by roughly 1.5%, the Equity REIT ETF (VNQ) finished fractionally lower today with 9 of 18 property sectors finishing in positive territory. Mortgage REITs gained 1.3%.
• Aided by the WWII-levels of fiscal stimulus over the last several months, retail sales jumped to all-time record highs on an annualized basis in July, climbing 1.2% from last month and 2.7% from the same month last year.
• Mall REIT Simon Property was again in the headlines as the landlord continues to make investments into distressed retail brands. SPG won the bid for bankrupt retailer Lucky Brands.

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