- Alex Pettee, CFA
REITs Lead Rally | Reopening Reversals | Jobs Day Ahead
Daily Recap
U.S. equity markets finished mostly higher on Wednesday ahead of the critical BLS payrolls report tomorrow as investors continue to weigh both positive and negative data points on the pandemic.
Progress on vaccine development and solid employment and housing market data today and partially offset by reports that some states and companies continue to delay or reverse reopening progress.
Adding to gains of 1.5% yesterday, the S&P 500 finished higher by 0.5% today but the Dow Jones Industrial Average pulled back 78 points following yesterday's 217 point rally.
ADP data today showed that 2.3 million jobs were added in June - slightly below expectations of 3 million - but made a significant upward revision of 5.8 million jobs to their May figures.
Mortgage applications to purchase a home remained higher by 15% from the same time last year on the week ending June 26th, holding on to the "V-shaped" recovery pattern exhibited over the last three months.
