REITs Rebound | Vaccine Optimism | Rent Collection Improves

August 24, 2020 | Hoya Capital

REITs Rebound | Vaccine Optimism | Rent Collection Improves Daily Recap Aug 24 Written By Daily Recap U.S. equity markets finished Monday with the S&P 500 eclipsing fresh record-highs following positive developments on coronavirus treatments and vaccines ahead of a busy week of economic data and political newsflow. Adding to its gains of 0.8% last week, the S&P 500 finished higher by 1.0% while the Dow Jones Industrial Average rallied 378 points and the Nasdaq gained 0.6%.

Following declines of 0.4% last week, Equity REITs finished higher by 0.7% today with 14 of 18 property sectors finishing in positive territory. Mortgage REITs, meanwhile, jumped 2.9%. Reversing recent trends in which large-cap tech stocks powered the gains with relatively narrow market breadth, the economically-sensitive sectors were among the leaders today in a broad-based rally. Fresh data from NAREIT today showed that rent collection continues to improve across the major real estate property sector, so far defying concerns over the "fiscal cliff" in early August.

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U.S. equity markets finished Monday with the S&P 500 eclipsing fresh record-highs following positive developments on coronavirus treatments and vaccines ahead of a busy week of economic data and political newsflow. Adding to its gains of 0.8% last week, the S&P 500 ETF ( SPY ) finished higher by 1.0% while the Dow Jones Industrial Average ( DJI ) rallied 378 points and the Nasdaq 100 ETF ( QQQ ) gained 0.4%.

Following declines of 0.4% last week, ...