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  • Alex Pettee, CFA

REITs Rally To Salvage Rough Week

  • Following a rout on Thursday, U.S. equity markets finished broadly higher on another volatile Friday session as the spotlight turned back to the coronavirus pandemic after weeks of protests.

  • Snapping a three-week winning streak with losses of nearly 5% this week, the S&P 500 gained 1.3% on Friday while the Dow Jones Industrial Average recovered 477 points.

  • Also snapping a three-week winning streak and ending the week lower by 5.4%, the broad-based Equity REIT ETFs clawed back 3.6% today with all 18 property sectors in positive territory.

  • Today was a return of the "reopening" rally with the economically-sensitive sectors leading the way. Homebuilders jumped nearly 5% while mortgage REITs rallied 6%.

  • We'll have a full analysis of this week's volatile trading action and a breakdown of the busy week of economic data in our Real Estate Weekly Outlook report published on Saturday morning.

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