Signs Of Life From REITs
U.S. equity markets surged to their best week since 2009, ending the shortest bear market in U.S. history after the successful passage of a massive $2 trillion economic stimulus package.
The gains came despite a historic Initial Jobless Claims report in which nearly 3.3 million Americans filed for unemployment claims, nearly five times above the peak of the Financial Crisis.
Following declines of nearly 25% over the last two weeks, the S&P 500 recovered nearly 11% while the Dow Jones clawed back nearly 2,500 points after last week's 4,000-point plunge.
After plunging over 35% during the prior two weeks, equity REITs delivered their best week on record, surging more than 16% while mortgage REITs bounced-back from the brink with 11% gains.
Homebuilders and residential REITs delivered particularly strong weeks as investors and analysts digested the potential impacts of the stimulus measures, which should help to support a healthy housing market.