Stocks, REITs Dive On "Second Wave" Fears
U.S. equity markets finished sharply lower on Thursday, retreating following a furious "reopening rally" as investors expressed concern about a potential "second wave" of the pandemic sparked by recent protests.
Outside of several isolated hotspots, evidence is scant regarding the dreaded "second wave" as daily new cases and deaths in the U.S. reached the lowest levels since March this week.
Falling for the third straight day, the S&P 500 plunged by 5.9% today while the Dow Jones Industrial Average declined by 1861 point, the fourth largest single-day point decline.
Now off by more than 8% this week, the broad-based Equity REIT ETFs declined by 6.5% today with all 18 property sectors in negative territory while the Mortgage REIT ETF dipped another 7.5% today.
Today's declines come after somewhat disappointing employment data this morning following far-stronger-than-expected jobs numbers last week from the BLS and ADP.