Top 5 cities where safety is not a question

Top 5 cities where safety is not a question

Number one shouldn't be a shocker

Where's Watt?

FHFA scorecard should be marked tardy

Rentership society? Insider trading on Russian sanctions?

What We're Reading: The Good Friday edition
W S
Investments

Dow Jones breaches 16,000 mark

HW 30 suffers malaise despite strength in overall trading

Stock tickers

Despite the Dow Jones making record-setting strides in the stock market and surpassing 16,000 for the first time Monday, its strong stock performance failed to filter over to the HW 30.

In fact, when looking at the composite index of housing and mortgage finance stocks, it's clear many of the listed firms took some type of hit.

For the most part, the Dow was alone in its successful run. Both the Nasdaq and the S&P 500 concluded the day lower, falling 0.93% and 0.37%, respectively.

Homebuilder stocks ticked downward as the National Association of Home Builders Housing Market Index remained frozen on economic and political uncertainty.

As HousingWire noted, NAHB Chairman Rick Judson said, "Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road."

D.R. Horton (DHI) plummeted 1.50% and Toll Brothers (TOL) fell 0.78%, while Lennar Corp. (LEN) came out on top, growing 1.01%.

As a whole, the HW ended the day up 0.02%, boosted by a strong day for JPMorgan Chase (JPM) and Redwood Trust (RWT), with the firms' stocks rising 1.56% and 0.82%, respectively.

Similarly, both Fannie Mae (FNMA) and Freddie Mac (FMCC) finished the day down, declining 13.01% and 14.50%, respectively.

The significant drop comes after Bill Ackman's hedge fund Pershing Square announced on Friday that it's taking a 9.77% stake in mortgage giant Freddie Mac, and a 9.98% stake in Fannie Mae. 

Recent Articles by Brena Swanson

Comments powered by Disqus