REITs Extend Reopening Rally [Daily Recap]
.S. equity markets continued their "reopening rally" on Monday as high-frequency data continues to indicate a far-more-rapid post-pandemic economic rebound than most investors initially expected.
Erasing its YTD losses for 2020 and adding to its nearly 5% gains last week, the S&P 500 added another 1.2% today while the Dow Jones Industrial Average jumped 462 points.
Adding to last week's gains of more than 10%, the broad-based Equity REIT ETFs gained another 2.8% today while Mortgage REITs jumped 8.7% after surging nearly 20% last week.
Monday's gains were supported by coronavirus data showing that Sunday saw the lowest number of new deaths and the second-lowest number of new cases since late March as the pandemic continues to wane in the northern hemisphere.
Fresh data from residential brokerage firm Redfin released this weekend showed that home buying demand is now up a stunning 22% from pre-pandemic levels after seven straight weeks of gains.