Why Brookfield Property Jumped 10% on May 26
Shares of Brookfield Property Partners (NASDAQ: BPY) were higher by more than 10% at 1 p.m. EDT on May 26. Peers Simon Property Group (NYSE: SPG) and Tanger Factory Outlet Centers (NYSE: SKT) were higher as well, but were only up in the high single digits. None of these mall landlords released any specific news, but investors were still taking an upbeat view of the prospects for malls.
After the long Memorial Day holiday weekend, investors started the short trading week off with a burst of exuberance, pushing markets generally higher. Although COVID-19 news wasn't all positive, Wall Street was focused on upbeat headlines about vaccines, the economic reopening taking shape across the United States, and positive results on a coronavirus medication, among other things. That upbeat mood helped lift mall owners, too.
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Source Fool.com
