Dow Recovers from Downgrades; UMH Spikes

Despite Moody’s having downgraded 15 global banks—five of them major U.S. banks– after the close of the stock market yesterday, stocks rebounded as all three indexes registered gains. CNNMoney tells us the Dow Jones Industrial Average gained +67.21 points, +0.53%, to close at 12,640.78. The Nasdaq rose +33.33 percent to 2,892.42, while the S&P gained +0.72 percent to 1,335.02. The Yahoo! Finance Manufactured Housing Composite fell -1.07 percent to close at 1,002.5. Housing stocks we track closed mixed. UMH Properties gained the most of stocks we follow, adding +8.30%, +0.83, to close at 10.83. Third Avenue Value Fund (6.21) dropped the most of tracked stocks, losing -2.24%, -0.99, to end the day at 43.18. Affiliated Managers Group 103.82 +1.09 (+1.06%). Cavco Industries 45.34 +0.21 (+0.74%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 122,670 +926.00 (+0.76%). Champion, Liberty Homes, Deer Valley, and Palm Harbor all remained unchanged. Drew Industries 27.00 +0.24 (+0.90%). Equity Lifestyle Properties 66.07 -0.99(-1.48%). Louisiana Pacific Corp. 10.45 +0.19 (+1.85%). Nobility Homes 6.39. -0.1099 (-1.69%). Skyline Corp. 4.22 +0.06 (+1.44%). Sun Communities 41.97 -0.48 (-1.13%). United Forest Products, Inc. 37.99 +1.08 (+2.92%).

(Gaphic credit: CNNMoney and RealTick)

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