Here's Why American Tower Soared on Friday
After an incredibly volatile and rough week, the stock market had an encouraging reversal on Friday. The Dow Jones Industrial Average and S&P 500 benchmark indices both ended the day about 9% higher. Real estate stocks had similar gains, and telecom real estate investment trust American Tower (NYSE: AMT) was one of the sector's best performers, with a 10% gain on the day.
The real estate sector, which typically holds up well during market downturns, has been hammered just as bad as the rest of the market, if not worse. And in many cases, there are good reasons. For example, hotel REITs and retail REITs rely on people to be willing to travel or to shop in crowded buildings, which simply isn't happening right now.
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Source Fool.com
