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  • Alex Pettee, CFA

REITs Rally | Retail Sales Jump | V-Shaped Housing Recovery

Daily Recap

  • U.S. equity markets rallied for the second straight day following a strong slate of economic data which provided further evidence of an emerging V-shaped recovery, particularly in the critical housing sector.

  • Following a gain of 0.8% yesterday, the S&P 500 gained 1.9% on the day while the Dow Jones Industrial Average added 527 points following yesterday's 158 point rally.

  • Following gains of 1.4% yesterday, the broad-based Equity REIT ETFs outperformed again today, gaining 2.0% with 16 of 18 property sectors in positive territory while Mortgage REITs added 1.3%.

  • Stronger-than-expected economic data this morning accelerated the gains as economists continue to be caught off-guard by the pace of the rebound, reflected in record-high readings on the Citi Economic Surprise Index.

  • The U.S. housing sector has foretold the emerging consumer-led rebound for several weeks as we saw more "V-shaped" housing data over the last 24 hours as homebuilder sentiment jumped by the most on record in June.

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