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  • Friday, April 19, 2024

March 25 Market Close: GovCon Index Nosedives After Durable Goods Report Shows Decline


GovConIndexDOWNThe GovCon Index closed in negative territory for the third consecutive day this week with a loss of 2.271 percent to end up at 68.195.

Engility Holdings (NYSE: EGL) and Navistar (NYSE: NAV) were the only Index companies to see their stock prices rise Wednesday.

U.S. stock markets largely went into selloff mode after the Commerce Department said durable good orders fell 1.4 percent in February from the prior month and that data surprised many investors, according to the Wall Street Journal.

Biotechnology and semiconductor shares declined across-the-board and traders looked to energy stocks as crude oil futures rose 3.6 percent to $49.21 per barrel, the Journal reported.

The Dow Jones Industrial Average plunged 1.62 percent to 17, 718.54, the S&P 500 composite index sank 1.46 percent to 2, 061.05 and the NASDAQ composite index fell 2.37 percent to 4, 876.52.

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