Third Vaccine | Yellen Picked | Housing Bidding Wars

November 23, 2020 | Hoya Capital

Third Vaccine | Yellen Picked | Housing Bidding Wars Daily Recap Nov 23 Written By Summary U.S. equity markets rallied Monday following the release of positive vaccine results from AstraZeneca and on reports that former Fed Chair Janet Yellen would be Biden's pick as Treasury Secretary. Following a decline of 0.8% last week, the S&P 500 gained 0.6% today while the Dow Jones Industrial Average rallied 330-points. The tech-heavy Nasdaq 100 finished flat.

Bouncing back from declines of 1.0% last week, the broad-based Equity REIT ETF (VNQ) finished higher by 0.2% today with 11 of the 18 property sectors in positive territory. Following a familiar pattern as the prior two weeks, investors woke up to encouraging vaccine news this morning as AstraZeneca (AZN) reported that its vaccine candidate achieved effectiveness of up to 90%. Single-family rental REIT Front Yard Residential (RESI) surged more than 20% today after Pretium and funds managed by Ares Management (ARES) agreed to raise their bid to acquire the small-cap SFR REIT to $16.25 per share in cash from $13.50 in response to another party submitting a binding proposal for REIT.

Real Estate Daily Recap U.S. equity markets rallied Monday following the release of positive COVID vaccine results from AstraZeneca ( AZN ) and on reports that former Fed Chair Janet Yellen would be Biden's pick as Treasury Secretary. Following a decline of 0.8% last week, the S&P 500 ETF ( SPY ) gained 0.6% today while the Dow Jones Industrial Average ( DIA ) rallied 330-points and the tech-heavy Nasdaq 100 ( QQQ ) finished flat.

Bouncing back from declines of 1.0% last week, the broad-based Equity REIT ETF ( VNQ ) finished higher by 0.2% today with 11 of the 18 property sectors in positive territory. The Mortgage REIT ETF ( REM ) finished higher by 2.4% and ended last week with gains of 4%. Following a familiar pattern as the prior two weeks, ...