Alex Pettee, CFA
REITs Rebound | Jobless Claims Retreat | Financials Lead
U.S. equity markets rebounded on Thursday on another volatile session following lukewarm employment data this morning and mounting fears of delayed post-pandemic economic reopenings.
After dipping 2.6% yesterday, the S&P 500 gained 1.1% while the Dow Jones Industrial Average jumped 300 points and the Nasdaq added 1.1%.
Snapping a three-day losing streak, the broad-based Equity REIT ETFs finished higher by 1.3% today with 14 of 18 property sectors in positive territory while the Mortgage REIT ETF gained.
Today's gains came despite somewhat disappointing employment data this morning. Another 1.48 million Americans filed for Initial Jobless Claims last week, down just modestly from 1.51 million in the prior week.
Retail Properties of America and Brandywine each jumped roughly 10% after S&P announced that both will be added to the S&P SmallCap 600 next week.