REITs made modest gains in January, as investors continued to size up potential changes to the macroeconomic environment, market watchers said.

The FTSE/NAREIT All REIT Index had a total return of 0.2 percent in January, while the S&P 500 index return was 1.9 percent. Total returns of the FTSE/NAREIT All Equity REIT Index were 0.2 percent in January.  The FTSE NAREIT Mortgage REITs Index produced a total return of 1.6 percent. The yield on the 10-year Treasury note was flat in January.