HW 30 stocks shaken by volatile rates, economic reports
mREITS stay in positive territory
The majority of the HW 30 components dipped slightly on Tuesday, after the S&P/Case-Shiller home price report showed a modest slowing in home price growth.
In fact, only four stocks on the HW index ended the day in positive territory, including the three mREITs. American Capital ended Tuesday trading up 1.32%, while Annaly and Redwood finished Tuesday, up 0.87% and 0.52%, respectively.
The move today was entirely driven by interest rates, a specialist with Compass Point observed.
"Despite the spike in mortgage rates, the general sentiment is that home prices and housing demand will be on the rise with an improving job market and consumer confidence," said Ron D'Vari, CEO and Co-Founder of NewOak.