New Home Sales Rallies Stock Market
On Tuesday, supported by good news involving new home sales, the stock market rallied with 14 of the 17 member stocks of the Mortgage Industry Equity Composite ending the day ahead of their Monday close.
Among the big gainers was Radian, which after the market closed on Monday, announced it was raising capital through the sales of equity and debt. After some rough waters early in the session, the stock would eventually set another 52-week high during the day before closing up 3.44%. Trading volume in the stock was almost five times normal.
But the big gainer on the day among MIEC stocks were KB Home, up 7.18%, followed by PHH at 3.5%.
Astoria Financial posted the largest percentage decline, down 1.25%, followed by Ellie Mae, down 0.15%, and Home Loan Servicing Solutions, down 0.14%.