Improbable Records | Housing Starts Surge | Post Office REIT

August 18, 2020 | Hoya Capital

Improbable Records | Housing Starts Surge | Post Office REIT Uncategorized Aug 18 Written By Daily Recap U.S. equity markets finished mostly higher Tuesday with the S&P 500 climbing to all-time record highs, a seemingly unfathomable feat back in late-March as tremors of instability shook financial markets. Following gains of 0.3% yesterday, the S&P 500 finished higher by 0.2% today and eclipsed the prior record-high set on February 19. The Dow declined modestly while the Nasdaq climbed.

After gaining 0.8% yesterday, Equity REIT ETFs finished lower by 0.5% today with 15 of 18 property sectors finishing in negative territory. Mortgage REITs declined by 0.8%. Housing Starts and Building Permits surged in July as the U.S. housing industry continues to lead the early stages of the post-pandemic economic recovery. Small-cap Postal Realty (PSTL) is suddenly a hot name amid the political firestorm brewing over the U.S. Postal Service and its role in the upcoming U.S. elections.

U.S. equity markets finished mostly higher Tuesday with the S&P 500 climbing to all-time record highs, a seemingly unfathomable feat back in late-March as tremors of instability shook financial markets. Following gains of 0.3% yesterday, the S&P 500 ETF ( SPY ) finished higher by 0.2% today and eclipsed the prior record-high set on February 19. Following a similar pattern as Monday, the Dow Jones Industrial Average ( DJI ) dipped 67 points while the Nasdaq 100 ( QQQ ) jumped 1.0%.

After gaining 0.8% yesterday, the Equity REIT ETF ( VNQ ) finished lower by 0.5% today with 15 of 18 property sectors finishing in negative territory. The Mortgage REIT ETF ( REM ) declined by 0.8% after falling 0.9% yesterday. The historic and improbable rebound completes a roughly 125-trading-day "round trip" for U.S. equity markets that saw the major indexes plunge more than 30% from late February through late March before rallying more than 50% over the subsequent four months.

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