U.S. stocks closed ahead on Tuesday, buoyed by optimism about the government’s response to the coronavirus crisis and reports of a potential Senate vote Wednesday on the stimulus bill.
The Dow Jones Industrial Average recorded its biggest point gain on record and the biggest percentage gain since 1933, closing up 11.4%, or 2,113 points. The S&P 500 closed up 9.4%, its best day since 2008.
Amid the ongoing debate around the government’s coronavirus-related bailout, the presidents of Argentum and the American Seniors Housing Association reminded lawmakers not to forget the heavy bills the senior living industry could face.
“Although many sectors of the economy (and the economy as a whole) are suffering under the current crisis, none are more directly affected than the senior living industry, which is on the front-lines of this battle, protecting the segments of the population who are in the most danger from COVID-19,” Argentum President and CEO James Balda and ASHA President David Schless wrote in a letter to Senate and House leaders.
Finally, another senior living real estate investment trust withdrew its 2020 guidance in light of COVID-19. Healthpeak Properties noted in a presentation to investors Tuesday that it will update guidance “when the extent and timing of the outbreak becomes more clear.”
Five residents in two Healthpeak-owned seniors living communities have died as a result of the coronavirus pandemic, and there are seven properties in the company’s portfolio with COVID-19 cases.
The company said that it intends to accelerate the settlement of all of its existing equity forward before the end of the first quarter, resulting in $1.06 billion of proceeds. The company expects to end the quarter with $3.3 billion of liquidity, including full borrowing capacity on its $2.5 billion unsecured revolving credit facility.