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HW 30 enters positive territory amid job gains

Solid economic data may signal QE3 tapering

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A positive jobs report shocked market expectations, lifting stocks on the HW 30 — HousingWire’s exclusive list of mortgage-related stock — Friday.

Total payroll jobs in October increased 204,000, following a revised increase of 163,000 for September and after a revised gain of 238,000 for August.

The biggest lenders were the top gainers, as Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC) stand to benefit from a pickup in the economy to ease the changing lending environment.

Bank of America finished the day up 3.63%, while Chase also soared 4.28% and Wells posted up a moderate 2.34%

The employment report is the cherry on top of the economic data pie this, which is leaving investors wondering how to interpret the data given that this could be the final indicators the Federal Reserve needs to begin tapering the pace of its monetary stimulus.

Given the uncertainty surrounding the central bank’s next moved, some housing sectors finished out the day down, including mortgage real estate investment trusts and homebuilders.

For instance, mREIT Annaly Capital Management (NLY) took the biggest hit Friday, dropping 3.56%.

Similarly, Lennar Corp. (LEN) posted the biggest drop today, tumbling 4.42%.

Other stock indices also finished out on top, with the S&P 500 bouncing back Friday from a 10-week downturn, climbing 1.3%.

The Dow Jones Industrial Average also climbed 1.1%, while the Nasdaq finished the day strong, up 1.6%.

Interestingly enough, the reaction to the jobs report impacted the bond market more so than the stock market. The 10-year Treasury note jumped to its highest level in three weeks.

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