Investors Happy With Bernanke Comments

When the market is happy with Federal Reserve Board chairman Ben Bernanke’s comments, it tends to be a good day for mortgage stocks. And that was the case on Wednesday, with 14 of the 17 Mortgage Industry Equity Composite stocks closing higher than they did on Tuesday.

The three stocks which closed lower were Hudson City Bancorp, down 0.62%; Redwood Trust, down 0.30%; and Fiserv, down 0.08%. M&T Bancorp, which reported its results on Wednesday, has a deal inked to acquire Hudson City.

MGIC Investment Corp. was the biggest gainer on a percentage basis, up 3.44%. Investors seemed happy with the 2Q13 results from Bank of America, as that company’s stock closed 2.8% higher. The volume of B of A common stock traded on the day was nearly double its three month average according to Yahoo Finance. Fidelity National Financial closed 2.58% higher.