REITs Rally | Timber On Fire | Earnings Heat Up
U.S. equity markets finished higher Monday ahead of a frenetic slate of earnings results as positive vaccine news and clarity on the details of the stimulus package outweighed coronavirus concerns.
Following a decline of 0.3% last week, the S&P 500 finished higher by 0.7% today while the Dow Jones Industrial Average climbed 115 points and the tech-heavy Nasdaq jumped 1.7%.
Following declines of 0.7% last week, the Equity REIT ETF finished higher by 1.0% today with 15 of 18 property sectors in positive territory ahead of a busy week of earnings.
Homebuilders and the broader housing sector delivered another strong day as the steadfast strength of the U.S. housing market continues to provide a steady foundation for the global equity market rally.
Four REITs reported results after the bell today. Residential mREIT AGNC Mortgage reported an above-consensus 9.5% jump in tangible book value while data center REIT QTS Realty reported decent leasing results.