JPMorgan Chase (JPM) put to rest outstanding residential mortgage-backed securities litigation Tuesday, giving investors some hope in the firm's ability to put legacy home loan issues behind it.
Rather than being spooked by the $13 billion price tag tied to the deal, JPMorgan's stock rose on the HW 30, ending the day a bit higher.
The stock closed after rising 0.73% in daily trading while also rising 38.33% year-over-year.
Other big banks also ended the day higher, with Wells Fargo (WFC) and Bank of America (BAC) rising 0.34% and 1.84%, respectively.
Overall, the HW 30 — a compiliation of mortgage finance and housing stocks — concluded the day up 0.65%. The major stock indices also edged higher, with the Dow Jones, S&P 500 and Nasdaq finishing up 0.06%, 0.20% and 0.44%, respectively.
