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.