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Designed for Rising Rates - Two REITs Yielding 8% and 10%

Daily Recap

US share prices soared further today, despite the major setback to Republicans in Alabama’s senate seat election, which could potentially stymie the upcoming vote on tax reform. Following the Fed’s decision to raise rates, as expected, now, and three times next year, stocks rallied further into new high ground.

This contrasted somewhat with overseas action. Asian shares were higher, with the Asia Dow gaining 0.68%. Italian concerns over their upcoming election sent share prices lower there; and that, in turn, led to a 0.24% drop in the STOXX 600. North American exchanges followed US prices higher, while South American shares fell sharply.

Fixed income securities rallied, ostensibly because the Fed will probably only raise rates three times in 2018, even though that has all along been the expectation. At any rate, the 10-year T-note’s yield fell back to 2.349%. For the same reason, the US dollar took a pretty big hit, falling 0.65% to ... Log in or subscribe to continue reading.

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