Daily Recap: Stocks Recover | Homebuilders Lead | REITs Flat
After snapping a six-week winning streak with modest declines last week, US equity markets resumed their rally on Monday, clawing back early-session losses to close solidly higher.
Shrugging off heightened geopolitical tensions after last week's airstrike on an Iranian general, the S&P 500 climbed by 0.4% while the Nasdaq ETF gained by 0.6%.
After a "risk-off" rally in bonds at the end of last week, Treasuries were weaker on the day with the 10-Year Treasury Yield finishing higher by 2 basis points to 1.81%.
Coming off solid outperformance last week, the broad-based Real Estate ETF finished fractionally higher with nine of the fifteen major real estate sectors finishing the day higher. Retail, healthcare, and office REITs led the way.
Led by strong gains from the single-family homebuilders, the Hoya Capital Housing Index climbed 0.4% on the day. Economic data this week is headlined by the BLS nonfarm payrolls report on Friday with economists expecting 160k in job growth.