Most Mortgage Stocks Close Higher After Early Earnings Reports
There were 11 Mortgage Industry Equity Composite members which were gainers on the day, led by Radian Group, up 2.7%. Bank of America, a competitor of Chase and Wells, was up over 2%, while MGIC Investment Corp. was up nearly 2%.
The Dow Jones Industrial Average gained 116 points.
Ellie Mae had the largest drop among the six MIEC stocks which closed lower than they did on Monday, losing nearly 4%. Redwood Trust saw a drop of over 2% in its stock price.
SWS Group continues its climb in the wake of the unsolicited bid from Hilltop Holdings. It closed today at $7.63 per share; Hilltop had bid $7 for the 76% of shares it does not control.