Earnings Recap | Housing's Hot | REITs Extend Rally
U.S. equity markets finished higher Wednesday after the Federal Reserve reiterated support for financial markets while U.S. housing data continues to show impressive and resilient strength in the economically-critical sector.
Bouncing back from a decline of 0.6% yesterday, the S&P 500 finished higher by 1.2% today while the Dow Jones Industrial Average gained 161 points following yesterday's 205-point decline.
Pushing gains to 5% this week, the Equity REIT ETF finished higher by another 1.9% with all 18 property sectors in positive territory ahead of another busy afternoon of earnings.
Pending Home Sales surged 16.6% in June, continuing the streak of impressive housing data. Applications to purchase a home, meanwhile, are 21% higher from last year as housing continues to lead the recovery.
We discuss earnings reports from data center REITs CyrusOne and Equinix; apartment REITs Mid-American and AvalonBay; and industrial REITs Duke Realty and EastGroup Properties.