Alex Pettee, CFA
Go Big Or Go Home
U.S. equity markets delivered their strongest week in three months, driven by solid economic data and renewed hope for a compromise on the ever-elusive fiscal stimulus deal.
Following gains of 1.6% last week, the S&P 500 surged 3.9% this week, climbing back within 3% of all-time highs. The gains were again led by Small-Cap and Mid-Cap stocks.
Coming-off its best week since July, equity REITs finished higher by another 1.3% this week with 9 of 18 property sectors in positive territory. "Essential" property sectors again led the way.
Rent Paid: The National Multifamily Housing Council’s Rent Payment Tracker found that rent collection is back in line with pre-pandemic levels despite the dire forecasts to the contrary.
Return to Work: Continuing Jobless Claims decreased to 10.98 million, down exactly one million from last week. Since the peak in early May at around 25 million, Continuing Claims have retreated by 13.9 million.
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