Wall Street tacked on another 1,000 Dow points this week as many US cities saw rioting and looting.
What does that say about the future?
Well it doesn’t bode well for the future of commercial real estate and retail shops in particular.
Investors seem unfazed by the projected brick and mortar losses while sending Amazon up more than 2% over the week. The Dow is now up 40% from its March lows.
While New York City is scheduled to open up this Monday for construction and building services, I do not foresee that occurring due to the continuing unrest in the city.
Manhattan’s commercial real estate, which was hit hard by the Covid-19 economic shut down, is taking another blow to the rioting and looting each night over the last 10 days.