Daily Recap: Thawing Tensions Send Stocks & REITs Higher, Tanger In Focus
US equity markets rallied to close at fresh record highs today after both the US and Iran indicated that de-escalation was the preferred path forward from this week's hostilities.
Equity futures had plunged as much as 1% in after-hours trading yesterday on news of an Iranian attack on a US military base in Iraq, which didn't result in casualties.
The S&P 500 gained 0.5% and the Nasdaq climbed by 0.7% while the 10-Year Treasury Yield finished higher by 5 basis points to close at 1.87%. Crude oil plunged nearly 4%.
The broad-based Real Estate ETF (VNQ) finished higher by 0.3% with all equity REIT sectors besides prison REITs finishing in positive territory. Tanger Outlets surged by more than 10% absent any apparent catalyst.
Lennar's strong earnings results led homebuilders and home improvement retailers to another strong day of gains as the Hoya Capital Housing Index climbed by another 0.5%.