Bank of America

Mortgage Financials Soar 

On Wednesday, for one day at least, mortgage-led financials reversed course on Wall Street — in a big way — and shed a week’s worth of pummeling at the hands of skittish investors worried about oil and rising inflation, as well as a mortgage market stuck firmly in the mud. For one day, stronger-than-expected results from Wells Fargo & Co. [stock WFC][/stock] were seemingly enough to make equity investors forget about woes in mortgage and housing; oil prices that have fallen more than $10 in two days, easing concerns over inflation, certainly helped matters as well.