Home Sales Report Results in Stock Market Gains

The improvement in pending home sales, according to observers, is one of the main reasons the stock market gained ground on Monday. The Dow Jones Industrial Average gained 106 points on the day. The Mortgage Industry Equity Composite had more mixed results.

Processing Content

While 12 of the 17 stocks finished ahead of their close on Friday, the stock with the biggest loss on the day was KB Home, down 0.95%. Home Loan Servicing Solutions was down 0.92% and Fidelity National Financial was off 0.41%.

On the gainer’s side of the scale, PennyMac finished up 3.19%, with mortgage insurers MGIC Investment Corp. and Radian Group next at 2.62% and 2.04%, respectively. During the trading day, Radian’s stock hit yet another 52-week high.

Capital Trust finished its first full trading day after the announcement of a reverse split down 10.76% from its previous close.


For reprint and licensing requests for this article, click here.
Servicing Originations
MORE FROM NATIONAL MORTGAGE NEWS
Load More