Banks and mortgage servicers erase mid-week Dow losses
The Dow Jones Industrial Average rose 259.89 points, or 2.2%, Friday, tacking onto a 1% increase from Thursday. The gains nearly made up for losses Wednesday, when the Dow dipped 389.24 points, or 3.2%. Both Nasdaq and the S&P 500 finished up about 2% as well Friday, climbing 53.60 points and 24.16, respectively. Bank and mortgage servicer stocks largely saw gains Friday, including JPMorgan Chase (JPM), Wells Fargo (WFC), Ocwen Finacial Corp. (OCN) and Goldman Sachs (GS). Mortgage insurers, by way of comparison, finished the day with mixed results. Radian Group Inc. (RDN) declined sharply on the day, while PMI Group Inc. (PMI) finished flat with Thursday's close. Mortgages insurers Genworth Financial (GNW) and MGIC Investment Corp. (MTG) saw gains, with Old Republic International Corp. (ORI) had minimal losses. The Dow is now up 4.98% for the year, with the Nasdaq up 0.98% and S&P up 0.49%. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.