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Fannie Mae(FNM Quote) on Friday said it bought more mortgages in March than the month before, helping lead financial stocks higher.
The government-sponsored mortgage lender said its mortgage commitments rose to $31 billion in March from $25 billion in February, after regulators eased capital requirements. Shares of Fannie Mae were up $2.90, or 10.4%, to $30.93.
The market was also rewarding any bank that reported positive results for the first quarter. SVB Financial Group(SIVB Quote) jumped 12.1% after reporting that its net income was $27.9 million vs. $34.3 million in the year-ago period. Even though it was lower than last year, it was respectable compared to other banks. Investors pushed the stock up $5.20 to $48.37. ...
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