Election Week Rally | Strong Jobs Report | Recounts Loom?

November 6, 2020 | Hoya Capital

Election Week Rally | Strong Jobs Report | Recounts Loom? Daily Recap Nov 6 Written By U.S. equity markets consolidated its Election Week gains on Friday as better-than-expected unemployment data this morning offset some lingering questions and concerns over the ultimate outcome of the election. Ending the week with gains of over 7%, the S&P 500 finished fractionally lower today The Dow Jones Industrial Average pulled back 67-points but gained more than 1,800-points this week.

Finishing the week with gains of about 4%, Equity REITs (VNQ) finished lower by 0.8% today with 12 of the 18 property sectors in negative territory while Mortgage REITs (REM) declined by 1.3%. Regardless of the ultimate outcome of the Presidential race, political power will be fairly evenly split in the new Congress as Republicans are poised to narrow the split in the House and will likely hold control of the Senate with a win in at least one of the Georgia Senate run-off elections in January.

The Bureau of Labor Statistics reported this morning that the U.S. economy added 638k jobs in October - slightly above economists' estimates for gains of 580k, but private payrolls solidly beat estimates with gains of 906k. The "headline" unemployment rate ticked down to 6.9% from 7.9% in the prior month, also well better than estimates. Real Estate Daily Recap U.S. equity markets consolidated its Election Week gains on Friday as better-than-expected unemployment data this morning offset some lingering questions and concerns over the ultimate outcome of the election.

Ending the week with gains of over 7%, the S&P 500 ETF ( SPY ) finished fractionally lower today The Dow Jones Industrial Average ( DIA ) pulled-back 67 points but gained more than 1,800 points this week. Real estate equities were among the laggards this week on underperformance from the COVID-sensitive property sectors. Finishing the week with gains of about 4%, Equity REITs ( VNQ ) finished lower by ...