- Alex Pettee, CFA
REITs Rally | Housing Heats-Up | Earnings On Tap
Daily Recap
U.S. equity markets finished higher for the fourth-straight on Wednesday as a strong slate of housing data and corporate earnings reports offset continued concerns over the coronavirus pandemic.
Following gains of 0.2% yesterday, the S&P 500 finished higher by 0.6% today. REITs led the gains today with 17 of 18 property sectors in positive territory as earnings heat-up.
Homebuilders surged more than 5% today as the housing industry continues to lead the economic recovery. Homebuilder NVR jumped 10% after reported an unexpectedly strong rise in net orders.
Existing Home Sales surged nearly 21% in June compared with May, according to the National Association of Realtors, which was the largest monthly gain on record.
The strong trends look poised to continue as mortgage applications to purchase a home rose again last week and are now higher by 19% from the same time last year.
