Homebuilder Rise, REIT Fall, Record Week For US Market

The nearly ten-year-long bull market in US equities extended into record territory this week in both length and level. The S&P 500 climbed 1%, surpassing January’s prior record-high. Housing markets led the rally this week following strong results from high-end builder Toll Brothers and strong results from home improvement retailer Lowes and home goods retailer Williams-Sonoma. Housing data, however, has been mixed over the last quarter. New and existing home sales both missed estimates in July as single family markets are facing stiff competition from rentals.

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Source: Seeking Alpha