Housing Drives Stock Market Increase for Second Day

FEB 27, 2013 5:05pm ET

The member stocks of the Mortgage Industry Equity Composite benefited on Wednesday from the good news regarding pending home sales that also pushed up the stock market as a whole.

While the Dow Jones Industrial Average increased 175 points on the day, just two MIEC stocks were in the red compared with Tuesday’s close. OceanFirst Financial was down 2.48%, while Dime Community was down 0.35%.

Meanwhile, MGIC Investment Corp., set to release 4Q12 results Thursday morning, was 6.78%. Earlier in the day, private mortgage insurance rival Radian Group priced its equity offering at $8 per share, and the company’s stock traded above that level and closed at $8.45, a gain of $0.02 or 0.24%.

The other MIEC stocks with the biggest percentage gains were KB Home, up 3.43%, and Astoria Financial, up 2.94%.

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