Daily Recap: Here Come The Millennials
U.S. equity markets rallied into the close on Thursday on a busy day of economic data and earnings after the WHO said it wouldn't recommend travel restrictions due to the coronavirus outbreak.
The S&P 500 ETF (SPY) finished higher by 0.3% while the Dow Jones Industrial Average (DIA) added 125 points. The broad-based commercial Real Estate ETF (VNQ) finished higher by 0.1%.
The 10-Year Treasury Yield (IEF) slid another 4 basis points to close at 1.56%, the lowest level since October, after relatively soft GDP data this morning, highlighted by muted inflation.
Here come the millennials. The Homeownership rate jumped to the highest level since 2013 at 65.1% as the under-35-year-old ownership rate climbed to the highest since 2011 at 37.6%.
Gains in the homeownership rate, however, did not come at the expense of the rental markets. Rather, strong household formation growth has kept vacancy rates near historic lows for both owned and rented units.