Dow 30,000 | REIT Sector Rotation | Home Prices Surge

November 24, 2020 | Hoya Capital

Dow 30,000 | REIT Sector Rotation | Home Prices Surge Daily Recap Nov 24 Written By Summary U.S. equity markets rallied to fresh record highs Tuesday as positive vaccine developments and "market-friendly" selections for the incoming Biden administration have seemingly pulled cautious investors in from the sidelines. Following a gain of 0.6% yesterday, the S&P 500 gained 1.6% today while the Dow Jones Industrial Average rallied 455-points to close above 30,000 for the first time ever.

The COVID-sensitive property sectors led the broad-based Equity REIT ETF (VNQ) to gains of 0.5% today with 14 of 18 property sectors in positive territory. The trend of stellar housing data continued today as home prices rose by the strongest rate in at least six years across several datasets as record-setting demand for single-family housing chases record-low inventory. Industrial REIT Monmouth Real Estate (MNR), one of a handful of REITs that reports earnings results outside the typical window, gained after reporting that rent collection has been nearly perfect at 99.7% from March through November.

Real Estate Daily Recap U.S. equity markets rallied to fresh record highs Tuesday as positive vaccine developments and "market-friendly" selections for the incoming Biden administration have seemingly pulled cautious investors in from the sidelines. Following a gain of 0.6% yesterday, the S&P 500 ETF ( SPY ) gained 1.6% today while the Dow Jones Industrial Average ( DIA ) rallied 455-points to close above 30,000 for the first time ever.

The COVID-sensitive property sectors led the broad-based Equity REIT ETF ( VNQ ) to gains of 0.5% today with 14 of 18 property sectors in positive territory. The Mortgage REIT ETF ( REM ), meanwhile, finished higher by 2.6%. Consistent with the ongoing "post-vaccine sector rotation" theme we've noted for several weeks, Small Cap ( SLY ) and Mid-Cap ( MDY ) stocks have powered the rally over the past three weeks as the distribution of coronavirus vaccines are expected ...