Most of the stocks on the HW 30—HousingWire’s exclusive list of mortgage-related firms—concluded Thursday on a high note after a positive jobs report and gains made by Janet Yellen in her quest to assume the top Federal Reserve post.
Jobless claims for the week ending Nov. 16, fell by 21,000 filings to 323,000 applications from 344,000 a week earlier, hitting the lowest level recorded in two months.
"In a November 16 week shortened by Veteran's Day, initial jobless claims fell to 323,000 for the lowest level since the government shutdown lifted claims in the first half of October," analyst with Econoday said.
"Jobless claims have been clouded by special factors all quarter as are today's data, in this case by the shortened week. Still, the underlying trends point to a little less attrition right now in the jobs market," analysts added.
In addition to a positive jobs report, the Senate Banking Committee backed Janet Yellen’s nomination and sent the vote to the Senate with an 18-8 vote.
"We appreciated Vice Chair Yellen’s openness and her willingness to hear credit unions’ concerns about economic and regulatory matters affecting their communities," said President and CEO of the National Association of Federal Credit Unions Dan Berger. "We look forward to working with her in her capacity as Fed chair upon her confirmation."
Between the news of Yellen’s further confirmation and a drop in jobless claims—both of which tapering relies heavily on—the HW 30 finished the day up 1.56%
Comparatively, other major stock indices also ended the day higher with the Dow, Nasdaq and S&P 500 finishing the day up 0.69%, 1.22% and 0.81%, respectively.