Vaccine Hope | Lockdowns Loom | Mall Merger

November 16, 2020 | Hoya Capital

Vaccine Hope | Lockdowns Loom | Mall Merger Daily Recap Nov 16 Written By U.S. equity markets climbed to fresh record-highs on Monday following the release of positive trial results from Moderna's COVID-19 vaccine candidate, offsetting near-term concerns over economic shutdowns in several states. Following combined gains of 10% over the past two weeks, the S&P 500 finished higher by 1.2% today while the Dow Jones Industrial Average rallied 471-points, closing just shy of 30,000.

Adding to a historic rebound last week, the COVID-sensitive property sectors led the Equity REIT Index to gains of 1.0% today as 14 of 18 property sectors finished in positive territory. The ongoing merger saga between Simon Property (SPG) and Taubman Centers (TCO) appears to be nearing a relatively peaceful conclusion after the two firms agreed to a revised agreement following months of legal sparring. The jam-packed week of economic data begins tomorrow with Retail Sales and Homebuilder Sentiment.

Later this week, we'll see Housing Starts, Building Permits, and Existing Home Sales. REITworld also begins tomorrow, one of two major REIT industry conferences. Real Estate Daily Recap U.S. equity markets climbed to fresh record-highs on Monday following the release of positive trial results from Moderna's ( MRNA ) COVID-19 vaccine candidate, offsetting near-term concerns over economic shutdowns in several cities and states . Following combined gains of 10% over the past two weeks, the S&P 500 ETF ( SPY ) finished higher by 1.2% today while the Dow Jones Industrial Average ( DIA ) rallied 471 points closing within 50 points of 30,000.

Adding to a historic rebound last week, the COVID-sensitive property sectors led the broad-based Equity REIT ETF ( VNQ ) to gains of 1.0% today as 14 of 18 property sectors finished in positive territory while the Mortgage REIT ETF ( REM ) jumped 3.4%, adding to last week's gains of nearly 9%. Déjà vu? After Pfizer's ( PFE ) announcement of ...