• Alex Pettee, CFA

Rally Continues | China Recovers | School Openings In Doubt

Daily Recap

  • U.S. equity markets added to last week's broad-based gains on Monday, following the lead of global markets, despite continued concerns over pandemic-related reopening reversals in several states.

  • After finishing last week with gains of 4.1%, the S&P 500 finished higher by 1.6% today while the Dow Jones Industrial Average surged 460 points and the Nasdaq eclipsed record-highs.

  • Following strong gains of 5.1% last week, Equity REIT ETFs finished off by 0.1% on the day with 9 of 18 property sectors in positive territory. Mortgage REITs rose 1.5%.

  • U.S. markets followed the lead of China's Shanghai Composite Index, which climbed to its highest level since 2018 on data showing an emerging recovery while the rest of the world continues to deal with the fallout of the pandemic.

  • Student Housing REIT American Campus was the laggard today on news that Harvard University will make all courses available online and plans to bring only up to 40% of undergraduates back to campus for the fall semester.

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