Late Rally Pushes Stocks To Weekly Gains
A late-afternoon rally propelled U.S. equity markets to weekly gains on a wild week of intense volatility amid continued uncertainty over the potential economic fallout from the coronavirus outbreak.
The S&P 500 declined by 1.7% today while the Dow Jones Industrial Average declined by 256 points on a week that saw the two largest single-day point gains in history.
The broad-based commercial Real Estate ETF (VNQ) finished lower by 1.7%, but ended the week with gains of nearly 4%, led by manufactured housing, self-storage, and single-family rental REITs.
Lost in the volatility, employment data was strong across-the-board this week, headlined by Friday's nonfarm payrolls report which surged past expectations with 273k net gains, beating estimates of 175k.
Stay tuned for full coverage of this week's economic data in our Real Estate Weekly Outlook report published tomorrow morning.
Real Estate Daily Recap
A late-afternoon rally propelled U.S. equity markets to weekly gains on a wild week of intense volatility amid continued uncertainty over the potential economic fallout from the coronavirus outbreak. Coming off declines of 3.4% yesterday, the S&P 500 ETF (SPY) finished lower by 1.7% while the Dow Jones Industrial Average (DIA) declined by 256 points after a week that saw the two largest single-day point gains in history. For the week, the S&P 500 finished higher by roughly 0.5%. The broad-based commercial Real Estate ETF (VNQ) finished lower by 1.7%, but ended the week with gains of nearly 4%, led by the manufactured housing, self-storage, and single-family rental REIT sectors.
