Italy Uncertainty Affects Stock Market Monday
All but two of the member stocks of the Mortgage Industry Equity Composite sank on Monday along with the rest of the market as investors reacted to uncertainty in the market, including the results of the Italian election, although there seems to be little fear of sequestration and its effects on the American economy.
The Dow Jones Industrial Average was off 216 points from its Friday close. Radian was one of only two MIEC stocks to improve from Friday, with trading volume three times the normal.
At one point during the day, Radian once again broke a 52-week high point before coming back down to still finish up 2.52%. Redwood Trust ended ahead 0.66%.
Framing the other end of the spectrum was Radian’s competition in the private mortgage insurance business MGIC Investment Corp. MGIC, which will announce its results before the market opens on Thursday, was down 4.76%.
Next was KB Home, down 4.3%, followed by Bank of America, down 3.58%.