Yellen Testimony Leads to Stock Market Rally
Janet Yellen's first time testifying before Congress as Federal Reserve chairwoman on Tuesday won the approval of stock market investors. The Dow Jones Industrial Average gained 193 points and 12 of the 17 Mortgage Industry Equity Composite members closed higher than they did on Monday.
Leading the way was MGIC Investment Corp., up over 3%, while OceanFirst Financial Corp. was up over 2%.
Home Loan Servicing Solutions had the largest percentage loss on the day, down 2.8%. PHH Corp. announced its results after the bell, including the news it was considering selling the mortgage business. The company's stock closed 2.6% lower, although as of 5 p.m. in after-hours trading it was up 7%.