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  • Alex Pettee, CFA

Stocks And REITs Surge | Yields Dip | Refinancing Boom [Daily Recap]

  • U.S. equity markets surged on Wednesday on another volatile trading session after a decisive Super Tuesday win from former Vice President Biden and as "worst-case-scenario" pandemic outcomes appear increasingly unlikely.

  • The S&P 500 finished higher by 4.2% while the Dow Jones Industrial Average jumped 1,173 points, the second-largest one-day point gain in history behind the 1,293 gain on Monday.

  • After delivering strong outperformance yesterday, the commercial Real Estate ETF (VNQ) finished higher by 3.8% with all eighteen REIT sectors in positive territory, led by prison, timber, and industrial REITs.

  • The 10-Year Treasury Yield closed below 1.0% for the first time in history today as the Bank of Canada followed the Fed's lead with a 50 basis point interest rate cut.

  • The Mortgage Bankers Associated reported a surge in refinancing applications - up 224% from last year - corresponding to seven-year-lows on the 30-year fixed mortgage rate.

Real Estate Daily Recap

U.S. equity markets surged on Wednesday on another volatile trading session after a decisive Super Tuesday win from former Vice President Biden and as "worst-case-scenario" pandemic outcomes appear increasingly unlikely. Coming off declines of 2.8% yesterday, the S&P 500 ETF (SPY) finished higher by 4.2% while the Dow Jones Industrial Average (DIA) jumped 1,173 points, the second-largest one-day point gain in history behind the 1,293 point gain on Monday. After delivering strong outperformance yesterday, the broad-based commercial Real Estate ETF (VNQ) finished higher by 3.8%, climbing into positive territory for the year, with all eighteen REIT sectors in the green, led by prison, timber, and industrial REITs.

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