Stocks End Week on High Note In Spite of Jobs Report
The stock market ended the week on a high note as the Dow Jones Industrial Average gained 166 points and all 17 members of the Mortgage Industry Equity Composite closed higher.
Some published reports indicated the weak jobs report actually provided the stimulus. Supposedly there are investors who believe the Federal Reserve will cut back on the taper program because the economy has not recovered as strongly as previously thought.
PHH Corp. had the largest percentage gain on Friday from its previous close. The stock price was up over 4%. Radian Group gained 1.7%, while CoreLogic also closed nearly 1.7% higher. On Thursday, CoreLogic's former parent First American Corp. announced it was acquiring Interthinx.
At the other end of the spectrum, OceanFirst Financial had the smallest gain among MIEC stocks, just 0.1% after spending most of the day in the red. Home Loan Servicing Solutions gained 0.2%.