Earnings Season Peaks, Real Estate Outperforms
U.S. equity markets rallied for the third day in the past four on Thursday despite another slate of ugly unemployment data as investors ponder the "shape" of the economic recovery.
After finishing lower by 0.7% yesterday, the S&P 500 finished higher by 1.2% while the Dow Jones Industrial Average gained roughly 210 points after yesterday's 220 point decline.
Following declines yesterday, real estate equities finished mostly higher in the midst of the busiest 72 hours of earnings reports of the quarter with another two dozen REITs reporting results.
The broad-based Equity REIT ETFs gained 1.6% led by billboard and single-family rental REITs as 14 of the 18 sectors finished in positive territory. Mortgage REITs gained 1.9%.
Another handful of REITs added their names to the Dividend Cut list this afternoon. We've now tracked 36 equity REITs in our universe of 165 names to announce a cut or suspension of their dividends.
Real Estate Daily Recap
U.S. equity markets rallied for the third day in the past four on Thursday despite another slate of ugly unemployment data as investors ponder the "shape" of the economic recovery. After finishing lower by 0.7% yesterday, the S&P 500 ETF (SPY) finished higher by 1.2% while the Dow Jones Industrial Average (DIA) gained roughly 210 points after yesterday's 220 point decline. Following declines yesterday, real estate equities finished mostly higher in the midst of the busiest 72 hours of earnings reports of the quarter with another two dozen REITs reporting results this afternoon. The broad-based Equity REIT ETFs (VNQ) (SCHH) gained 1.6% with 14 of the 18 sectors in positive territory while Mortgage REITs (REM) gained 1.9%.
