The stock market bounced back in a big way in July with its best month since November 2020. Annaly Capital Management (NYSE: NLY) was among the winners as its stock price ended the month 16.4% higher, according to S&P Global Market Intelligence .
That outpaced the S&P 500 , which gained 9.1% last month, and the Nasdaq Composite , which was up 12.4%. However, Annaly Capital was down about 15% year to date as of the close of trading Wednesday.
As a mortgage real estate investment trust (REIT), Annaly Capital invests in mortgages and mortgage-backed securities and earns revenue on the interest payments. Most of its portfolio is in agency mortgage-backed securities -- those that are backed by the federal government.
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Why Annaly Capital's Stock Price Rose 16.4% in July