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  • Alex Pettee, CFA

Shopping Spree | Mall M&A | Stimulus Stalemate

Daily Recap

  • U.S. equity markets finished mixed as solid retail sales data and better-than-expected consumer confidence data continue to lessen the sense of urgency for a fiscal stimulus agreement.

  • Ending the week higher by nearly 1%, the S&P 500 finished fractionally lower on the day while the Dow Jones Industrial Average gained 34 points following yesterday's 80 point decline.

  • Ending the week off by roughly 1.5%, the Equity REIT ETF (VNQ) finished fractionally lower today with 9 of 18 property sectors finishing in positive territory. Mortgage REITs gained 1.3%.

  • Aided by the WWII-levels of fiscal stimulus over the last several months, retail sales jumped to all-time record highs on an annualized basis in July, climbing 1.2% from last month and 2.7% from the same month last year.

  • Mall REIT Simon Property was again in the headlines as the landlord continues to make investments into distressed retail brands. SPG won the bid for bankrupt retailer Lucky Brands.

To read the full report, click here to visit Seeking Alpha!

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