Earnings Worries Cause Stock Sell-Off
Investor are concerned about what is ahead in the earnings reports coming out later this week and this caused a huge sell-off in the stock market on Monday.
The Dow Jones Industrial Average lost 179 points while all but three members of the Mortgage Industry Equity Composite closed lower than they did on Friday.
There were four stocks with stock price declines larger than 2%. PHH was down 3.4%, followed by CoreLogic, KB Home and Bank of America. Radian Group closed down just shy of 2%.
Redwood Trust closed up 0.7%, with Dime Community Bank and OceanFirst Financial Group up 0.1%.
Meanwhile, SWS Group ended the day up 3.16% to $7.52 per share after an investor said Hilltop Holding’s $7 per share offer was too low. Hilltop lost $1.15 to $24.25 per share.