Stock indices were down in midday trading on concerns the U.S. Federal Reserve is moving closer to raising interest rates.
The S&P 500 was down 1.3% at 2,098.49. The Dow Jones Industrial Average was down 1.5% to 17,862.92. The Nasdaq was down 1% to 4,931.96.
The yield on a 10-year Treasury bond rose 6.6% to 2.25%.
The price of gold fell 2.8% to $1,163.
HOMEBUILDING
Aliso Viejo-based New Home Company LLC was up 2% to $14.34 and a $236 million market cap. The builder said this morning that net income in its most recent quarter increased 40% to $5.3 million on revenue of $73 million, up 194% year-over-year. For 2014, net income was down about 30% but revenue grew 80%.
BANKING
Irvine-based Banc of California Inc. was up 3% to $11.51 and a $330 million market cap on a positive quarterly report. The bank holding company said net income available to common shareholders in its most recent quarter was $9.3 million, compared with a $2.4 million in the same period last year. For all of 2014 net shareholder income was $26.7 million, compared with a net loss of $2.1 million in 2013.
