Daily Recap: Strong Day For Real Estate After Goldilocks Jobs Report
US equity markets stumbled into the close, retreating from record-highs despite a 'Goldilocks' jobs report that had initially sent the Dow Jones Industrial Average above 29,000 for the first time.
The S&P 500 gained declined by 0.3% and the Nasdaq gave back 0.3% while the 10-Year Treasury Yield finished lower by 3 basis points to close at 1.83%.
The BLS employment report this morning showed that job growth was slightly weaker than expected in December while wage gains cooled to the slowest rate of growth since July 2018.
The 'Goldilocks' jobs report was good news for real estate and other yield-senstive equity sectors. The broad-based Real Estate ETFs delivered strong outperformance, gaining nearly 1% on the day.
Homebuilders were the standout this week as the housing market has started 2020 exactly where it left off last year, as we'll discuss further in our Real Estate Weekly Outlook published tomorrow morning.