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  • Alex Pettee, CFA
    • Jul 29, 2020
    • 1 min read

Earnings Recap | Housing's Hot | REITs Extend Rally

Daily Recap

  • 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.

To read the full report, click here to visit Seeking Alpha!

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