REIT Hikes & Cuts • Stocks Rally • Homebuilder Rebound
U.S. equity markets rallied Thursday to year-to-date highs, while benchmark interest rates retreated as investors weighed an ECB rate hike against a mixed slate of economic data and earnings reports.
Closing at its highest level of the year for a sixth-straight session, the S&P 500 advanced another 1.2% today while the Dow rallied 429 points.
Real estate equities also traded mostly higher today, led once again by a rebound from many of the most beaten-down property sectors. The Equity REIT Index advanced 0.5% today.
We're in the midst of 'dividend season' in the REIT sector. Host Hotels (HST) hiked its dividend by 15%, but three REITs lowered their dividends: office REIT Paramount Group (PGRE), cannabis REIT AFC Gamma (AFCG), and mortgage REIT Chimera (CIM).
Homebuilders added to their impressive year-to-date gains after strong earnings results from Lennar, which reported a year-over-year increase in new orders despite headwinds from higher mortgage rates.
Income Builder Daily Recap
U.S. equity markets rallied Thursday to year-to-date highs, while benchmark interest rates retreated as investors weighed an ECB rate hike against a mixed slate of economic data and earnings reports. Closing at its highest level of the year for a sixth-straight session, the S&P 500 advanced another 1.2% today while the Mid-Cap 400 and Small-Cap 600 also posted gains of more than 1%. The Dow rallied 429 points. Real estate equities also traded mostly higher today, led once again by a rebound from many of the most beaten-down property sectors. The Equity REIT Index advanced 0.5% today with 15-of-18 property sectors in positive territory, while the Mortgage REIT Index finished higher by 1.1%. Homebuilders added to their impressive year-to-date gains after strong earnings results from Lennar, which reported a year-over-year increase in new orders despite headwinds from higher mortgage rates.
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