Santa Claus Rally • Home Sales Accelerate • COVID Pill

December 22, 2021 | Hoya Capital

Santa Claus Rally • Home Sales Accelerate • COVID Pill Daily Recap Dec 22 Written By Summary U.S. equity markets advanced for the second-straight day following better-than-expected housing data and the release of several studies showing that Omicron may result in less-severe infections than prior variants. Adding to gains of 1.8% yesterday following a three-day skid, the S&P 500 advanced 1.0% today while the Mid-Cap 400 also gained 1.0% and the Small-Cap 600 climbed 1.2%.

Real estate equities were broadly-higher today with the Equity REIT Index gaining 1.1% today with all 19 property sectors in positive territory while Mortgage REITs advanced 1.0%. Existing Home Sales increased for a third-straight month in November according to data released this morning from the NAR, consistent with recent data showing a reacceleration in housing market activity. This strong home sales data came despite record-low housing supply levels. The inventory of homes for sale stood at just 1.11 million at the end of November, down 9.8% from October and down 13% from a year ago.

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U.S. equity markets advanced for the second-straight day following better-than-expected housing data, the approval of a new COVID pill from Pfizer ( PFE ), and the release of several studies showing that Omicron may result in less-severe infections than prior variants. Adding to gains of 1.8% yesterday following a three-day skid, the S&P 500 advanced 1.0% today while the Mid-Cap 400 also gained 1.0% and the Small-Cap 600 climbed 1.2%.

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