Daily Recap: Stocks Recover, Led By Homebuilders
U.S. equity markets rallied on Tuesday as strong earnings and solid economic data helped to quell investor fears over the coronavirus outbreak.
The S&P 500 climbed more than 1% while the Dow Jones Industrial Average recovered nearly 200 points after dipping more than 400 points yesterday.
After delivering strong outperformance yesterday, the broad-based commercial Real Estate ETF (VNQ) gained roughly 0.5% with all sectors besides malls finishing in positive territory.
Homebuilders continued to roar after strong earnings from PulteGroup (PHM) which - like DR Horton (DHI) yesterday - beat on EPS and revenue and provided strong 2020 guidance.
This afternoon, apartment REIT Equity Residential (EQR) reported earnings, projecting 2020 same-store NOI rising 1.5%-3.5% and physical occupancy of 96.4%.