A Grand Reopening? Winners And Losers Emerge
A Grand Reopening? U.S. equity markets finished higher for the second-straight week after another dismal slate of economic data underscored the dire urgency of restarting the now-dormant U.S. economy.
22 million job losses. Initial Jobless Claims data showed that a decade's worth of employment gains have been erased - at least temporarily - in the last four weeks alone.
Successful treatment data and antibody studies showing that COVID-19 may be more widespread - but less deadly - than previously believed have allowed countries and states to begin phased reopenings.
Following the best week for the large-cap indexes in decades, the S&P 500 added another 3.0% while the Dow Jones tacked on another 500 points to last week's 2,600-point surge.
It was a tough week for real estate equities amid continued uncertainty over rent collection and mortgage forbearance. Following last week's historic surge, Equity and Mortgage REITs each dipped 4%.