REITs Soar | Vaccine Breakthrough | Dividends Raised

November 9, 2020 | Hoya Capital

REITs Soar | Vaccine Breakthrough | Dividends Raised Daily Recap Nov 9 Written By U.S. equity markets surged Monday after Pfizer (PFE) announced positive trial results for its COVID-19 vaccine candidate, a potentially major breakthrough hailed as a "great day for science and humanity." Adding to its 7% post-election surge last week, the S&P 500 finished higher by 1.2% today while the Dow Jones Industrial Average surged 834-points after gaining over 1,800-points last week.

Real estate equities - particularly the "shutdown-sensitive" sectors - were among the leaders today. The Equity REIT ETF (VNQ) surged 3.5% led by substantial gains from hotel and retail REITs. Equity markets finished well off their highs of the day, however, amid a sharp sector rotation out of the "stay-at-home winners." The tech-heavy Nasdaq 100 dipped more than 2% while Treasuries were slammed as well. Real estate earnings season wraps-up this afternoon with results from mall REITs Simon Property (SPG) and Taubman Centers (TCO).

After the close, Four Corners (FCPT) became the 40th equity REIT to raise its dividend this year. Real Estate Daily Recap U.S. equity markets surged Monday after Pfizer ( PFE ) announced positive trial results for its COVID-19 vaccine candidate, a potentially major breakthrough hailed as a " great day for science and humanity ." Adding to its 7% post-election surge last week, the S&P 500 ETF ( SPY ) finished higher by 1.3% today while the Dow Jones Industrial Average ( DIA ) surged 834 points after gaining more than 1,800 points last week.

Real estate equities - particularly the "shutdown-sensitive" sectors - were among the leaders today as the broad-based Equity REIT ETF ( VNQ ) surged 3.5% led by more-than-30% gains from the hotel and retail REIT sectors. The Mortgage REIT ETF ( REM ), meanwhile, jumped more than 5% today. Equity markets finished well off their highs of the day, however, amid a sharp sector rotation out of ...