Here's Why Simon Property Group, Tanger Outlets, and Other Retail REITs Are Soaring on Monday
The stock market was having a day for the history books on Monday. After Pfizer (NYSE: PFE) released late-stage data for its COVID-19 vaccine candidate that showed better-than-expected effectiveness, the Dow Jones Industrial Average opened at an all-time high. And as of 9:55 a.m. EST, the S&P 500 had risen by about 3% for the day.
Mall and shopping center real estate stocks were some of the biggest movers on the day. Mall giant Simon Property Group (NYSE: SPG) soared by 25% ahead of its third-quarter earnings release, which is due after the market's close today. Outlet REIT Tanger Factory Outlet Centers (NYSE: SKT) was higher by 17% and retail redevelopment REIT Seritage Growth Properties (NYSE: SRG) was an exceptionally strong performer, with shares up by more than 26%.
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Source Fool.com
