MGIC Leads Mortgage Insurers’ Rally on Jobs Reports
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MGIC Investment Corp., the biggest mortgage guarantor, led a rally by U.S. home-loan insurers in New York trading after a report showed companies added more jobs than forecast in August.
MGIC rose 7.4 percent to $8.57 at 4:06 p.m. in New York Stock Exchange composite trading after jumping as much as 12 percent. Radian Group Inc. of Philadelphia, the second-largest mortgage insurer, advanced as much as 7 percent to $7.62 before closing at $7.51. No. 3 PMI Group Inc. gained 9.7 percent to $3.62, after climbing as much as 12 percent.