Real Estate Powers Stocks To Near-Record Highs
Real estate continued to roll this week, leading the S&P 500 to within 1% of new record highs. REITs climbed for a remarkable fourteenth week out of the past fifteen.
REITs pushed their 2019 gains to just shy of 20%, reaching the highest level in two and a half years. REIT earnings season kicks off next week with Prologis and Crown Castle.
Not to be outdone, Homebuilders jumped another 1.5% on the week, leading the broader housing sector to another week of solid gains with an important week of housing data ahead.
CPI data came in cooler than expected, but suddenly rising energy prices have become a threat to potentially derail the "Goldilocks" conditions that have powered the 2019 rejuvenation.
The US labor market is relentless. Initial jobless claims hit a 50-year low this week and JOLTs data continues to show that there are more job openings than unemployed Americans.