Jobs Rebound | REITs Lead Week's Rally | Rent Collection Updates
U.S. equity markets gained on Friday, finishing the week sharply higher after a jam-packed slate of employment data painted a generally optimistic picture of the state of the economic recovery.
Finishing the week with gains of more than 4%, the S&P 500 finished higher by 0.5% today while the Dow Jones Industrial Average gained 92 points following yesterday's 78-point decline.
Ending the week with strong gains of 5.2%, the broad-based Equity REIT ETFs finished off by 0.3% on the day with 12 of 18 property sectors in negative territory.
This week's gains were bolstered by an encouraging slate of employment data, capped off by a very strong BLS payrolls report today. The U.S. economy added 4.8 million jobs in May - the single-largest month of job growth ever.
This follows ADP data yesterday which showed that 2.3 million jobs were added in June. We'll have a full analysis of this week's economic data in our Real Estate Weekly Outlook published on Saturday morning.