VPN - REITs Rally As Earnings Impress

• U.S. equity markets rebounded from their worst week since October as stronger-than-expected corporate earnings reports and recent economic and coronavirus data suggested a sooner-than-feared return to normalcy.
• Delivering a "perfect week" with gains on all-five trading days, the S&P 500 rallied 4.8% but was still outpaced by the Mid-Cap 400's 6.0% surge and Small-Cap 600's 5.3% gains.
• Real estate equities delivered another strong week as REIT earnings season kicked into high gear with two dozen earnings reports and despite a plunge from a handful of the "squeezed" mall REITs.
• Timber REITs were upside standouts amid record levels of lumber demand from robust housing activity. Mall REITs were the laggards after Macerich reported a dismal fourth quarter.
• Housing companies rallied after Redfin reported that homebuying demand is 60% above where it was last year. Supply levels remain historically tight as 55% percent of homes for sale found a buyer in 14 days or less.

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