Fed Fears Ease Again, Stocks Rise Again

The stock market in general, and mortgage stocks in particular, benefitted from the latest rebound in investor confidence over fears regarding the Federal Reserves bond purchase program coming to an end sooner than later.

The Dow Jones Industrial Average closed up over 121 points on Thursday, while 15 of 17 Mortgage Industry Equity Composite were gainers over Wednesday.

KB Home was up 7.05%, followed by PennyMac, up 6.34% and Redwood Trust, up 4.22%. KB Home had the second highest volume among MIEC stocks other than Bank of America, trailing only MGIC Investment Corp.

The third most traded stock was Radian Group, which was down 0.16%. The other stock which closed lower was Ellie Mae, down 0.38%. On Wednesday, Ellie Mae had gone against the prevailing trend, being one of only two stocks which had closed higher.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Fed-Fears-Ease-Again-Stocks-Rise-Again-1036945-1.html

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