HW 30 bucks Monday downward slide
But REITs are among the losers
The HW 30 was the only stock index up on a slow-trading Monday after the Dow virtually had to call in an NFL physical therapist after the concussive beating it took last week.
Much of last week U.S. and international economic data pushed the stock market into turmoil. Several housing indicators (FHFA HPI, Existing Home Sales) registered weaker than forecast readings, casting a shadow over the whole housing market.
At 2:43 p.m. ET, the HW 30 was up 0.27%, while the Dow was down 1.96%, the Nasdaq down 0.63% and the S&P 500 down 0.08%.
Many see this as a tough time for REITs, with rising interest rates seen as hurting their yields and their ability to get financing for acquisitions.
The Mortgage Bankers Association leads the way in predicting a gradual increase in interest rates over the course of 2014 and 2015, with the gradual unwinding of quantitative easing seen as inevitable by most.
Despite some interest rate concerns, the Federal Reserve will likely agree on another $10 billion taper to its bond-purchase on Wednesday. The move will bring the monthly purchases down to $65 billion per month of Treasurys and mortgage-backed securities.