• Alex Pettee, CFA

Stocks Soar On Stimulus Hopes [Daily Recap]

  • Following the worst day for global equity markets since the financial crisis, stocks soared on Tuesday on hopes of a substantial stimulus package to combat the continuing coronavirus outbreak.

  • Coming off declines of 7.7% yesterday, the S&P 500 finished higher by 4.9% while the Dow Jones gained more than 1,160 points after declining over 2,000 points on Monday.

  • Bouncing back from 7.7% declines yesterday, the broad-based commercial Real Estate ETF (VNQ) finished higher by 4.2% with 16 of the 18 REIT sectors higher by at least 1%.

  • Host Hotels, Park Hotels, and Southerly Hotels all announced today that they are withdrawing their full-year 2020 guidance due to the ongoing CV-19 outbreak.

  • Home improvement retailers led the gains today in the housing sector as Home Depot and Lowe's were among the top performers. Mortgage lenders also outperformed in anticipation of a historic wave of refinancing demand.

Real Estate Daily Recap

Following the worst day for global equity markets since the financial crisis, stocks soared on Tuesday on hopes of a substantial stimulus package to combat the continuing coronavirus outbreak. Coming off declines of 7.7% yesterday, the S&P 500 ETF (SPY) finished higher by 4.9% while the Dow Jones Industrial Average (DIA) gained more than 1,160 points after declining more than 2,000 points on Monday. Bouncing back from 7.7% declines yesterday, the broad-based commercial Real Estate ETF (VNQ) finished higher by 4.2% with 16 of the 18 REIT sectors higher by at least 1%.

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