Incomes Rise | Savings Swell | REITs Rebound

August 28, 2020 | Hoya Capital

Incomes Rise | Savings Swell | REITs Rebound Daily Recap Aug 28 Written By Daily Recap U.S. equity markets marched higher yet again Friday with the S&P 500 eclipsing closing record-highs on all five days this week as economic and coronavirus data continue to trend favorably. Finishing the week with gains of more than 3% - and finishing higher for the eighth week in the past nine - the S&P 500 finished higher by 0.7% today.

Ending the week with gains of roughly 2%, Equity REITs finished higher by 0.6% today with 13 of 18 property sectors finishing in positive territory. Mortgage REITs gained 0.9% today. Wrapping up the busy slate of economic data was Personal Income and Spending data this morning, which came in ahead of estimates. Aided by $3 trillion in fiscal stimulus, income levels are 5% above pre-pandemic levels. Personal spending rose 1.9% from last month, but remains roughly 5% below pre-pandemic highs as Americans continue to save rather than spend this increased income.

The savings rate stood at 17.8% last month, the highest level ever for the month of July. Our Real Estate Daily Recap discusses the notable news and events in the real estate sector over the last trading day and highlights sector-by-sector performance. We publish this note every afternoon at HoyaCapital.com and occasionally on Seeking Alpha to cover significant news and events. Subscribe to our free mailing list to make sure you never miss the latest developments in the commercial and residential real estate sectors.

You can also follow our real-time commentary on Twitter and LinkedIn . U.S. equity markets marched higher yet again Friday with the S&P 500 eclipsing closing record-highs on all five days this week as economic and coronavirus data continue to trend favorably. Finishing the week with gains of more than 3% - and finishing higher for the eighth week in the past nine - the S&P 500 ETF ( ...