• Alex Pettee, CFA

REITs Extend Reopening Rally [Daily Recap]

  • U.S. equity markets finished mostly higher of Friday, completing a strong week as more U.S. states and countries reopen their economy while coronavirus cases continue to decline.

  • Finishing with gains of more than 3% this week, the S&P 500 gained 0.2% on Friday. The Small-Cap 600 and Mid-Cap 400 ended the week with gains of over 7%.

  • Real estate equities led the gains this week, reversing almost all of last week's steep declines, led by a bounce-back in many of the most beaten-down property sectors.

  • The broad-based Equity REIT ETFs finished higher by 0.8% on the day - and 7.0% on the week- while Mortgage REIT ETFs gained by 0.8% to end the week with gains of nearly 11%.

  • Homebuilders surged another 20% this week after new data from Redfin showed a stunning V-shaped rebound in housing market activity over the last five weeks.

Real Estate Daily Recap

U.S. equity markets finished mostly higher of Friday, completing a strong week as more U.S. states and countries around the world reopen their economy while coronavirus cases continue to decline. Finishing with gains of more than 3% this week, the S&P 500 ETF (SPY) gained 0.2% on Friday while the Dow Jones Industrial Average (DIA) finished lower by 9 points but also ended the week with gains of more than 3%. Real estate equities led the gains this week, reversing almost all of last week's steep declines, led by a bounce-back in many of the most beaten-down property sectors. The broad-based Equity REIT ETFs finished higher by 0.8% on the day - and 7.0% on the week- while Mortgage REIT ETFs gained by 0.8% to end the week with gains of nearly 11%. 

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