Here's Why Simon Property Group and Other Retail REITs Are Soaring on Wednesday
The stock market was having a very strong day on Wednesday. As of 12:40 p.m. EDT, the Dow Jones Industrial Average was up by 1.6% and the benchmark S&P 500 index was higher by 1.2%.
Leading the way were many stocks that have been among the market's worst performers during the coronavirus bear market. Mall operators and other retail real estate investment trusts were up by double digits for the day in many cases. Leading mall REIT Simon Property Group (NYSE: SPG) was up by nearly 15% and was the biggest gainer on the S&P 500 as of midday, while outlet mall REIT Tanger Factory Outlet Centers (NYSE: SKT) was higher by just over 10%. And Seritage Growth Properties (NYSE: SRG), the REIT created to redevelop old Sears properties into mixed-use developments was one of the biggest winners -- up 19% today alone.
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Source Fool.com
