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