NRZ - Here's Why Annaly Capital Management and Other Mortgage REITs Are Soaring Today
The stock market is having a decent day on Wednesday, with the Dow Jones Industrial Average and S&P 500 both up by about 1% as of 11 a.m. EDT today.
But mortgage real estate investment trusts, or mortgage REITs, were another story altogether. Most of these volatile high-yield stocks are soaring today. Sector leader Annaly Capital Management (NYSE: NLY) was higher by 24%, New Residential Investment (NYSE: NRZ) was 25% in the green, and some of the smaller mortgage REITs are doing even better. New York Mortgage Trust (NASDAQ: NYMT) and TPG Real Estate Finance Trust (NYSE: TRTX) were up by 42% and 30%, respectively.
This comes on the heels of big gains earlier in the week. The four companies mentioned above are all sitting on gains of 36% to as much as 80% since the beginning of the week.