Mortgage Stocks Lower as Market Waits for Bernanke
A 12-to-five majority of Mortgage Industry Equity Composite stocks closed lower on Tuesday, as the Dow Jones Industrial Average fell 32 points.
Observers said trading was light as stock market investors waited for the latest testimony from Federal Reserve chairman Ben Bernanke before Congress on Wednesday.
Redwood Trust had the largest percentage loss, down 2.13% from its Tuesday close. It was followed by Bank of Hawaii, down 1.94%, and Astoria Financial, down 1.28%.
The leading gainers were private mortgage insurers MGIC Investment Corp., up 1.83%, and Radian, up 1.79%.