Mall Rescue | Tech Rebound | Housing Stays Hot

September 9, 2020 | Hoya Capital

Mall Rescue | Tech Rebound | Housing Stays Hot Daily Recap Sep 9 Written By Daily Recap U.S. equity markets bounced back Wednesday following a three-day sell-off as signs of progress on a fiscal stimulus package and strong housing market data offset concerning pandemic trends in Europe. Bouncing-back from declines of 2.7% yesterday, S&P 500 finished higher by 2.0% today while the Dow Jones Industrial Average jumped 440 points and the Nasdaq 100 rose by nearly 3%.

Following three straight days of outperformance, Equity REIT ETFs (VNQ) finished higher by 1.0% today with 13 of 18 property sectors finishing in positive territory. Simon Property (SPG) and Brookfield Property (BPY) are reportedly close to finalizing an $800m deal to save JC Penney from bankruptcy, a move that would save 70,000 jobs and 650 stores. Mortgage applications to purchase a single-family homes rose yet again last week and are now higher by 40% from last year as the housing industry continues to lead the post-pandemic recovery U.S. equity markets bounced back Wednesday following a three-day sell-off as signs of potential progress on a fiscal stimulus package and strong housing market data offset concerning pandemic trends in Europe.

Following declines of 2.7% yesterday, S&P 500 ETF ( SPY ) finished higher by 2.0% today while the Dow Jones Industrial Average ( DJI ) jumped 440 points and the Nasdaq 100 ( QQQ ) rose nearly 3%. Following three straight days of outperformance, the Equity REIT ETFs ( VNQ ) finished higher by 1.0% today with 13 of 18 property sectors finishing in positive territory. The Mortgage REIT ETF ( REM ), meanwhile, higher by 1.3% after gaining 0.1% yesterday.

Today's rebound comes one day after the major large-cap indexes entered "correction territory' with declines of at least 10% and came despite a potential setback in the vaccine race as AstraZeneca ( AZN ) temporarily paused their Phase 3 clinical trials of one of ...