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  • Friday, April 26, 2024

March 6 Market Close: GovCon Index Drops 1% as US Dollar Surges, Traders Anticipate Rate Hikes


GovConIndexDOWNThe GovCon Index mirrored losses in U.S. markets Friday as it fell 1.327 percent to close at 68.397.

Intelsat (NYSE: I), Orbital ATK (NYSE: OA) and Textron (NYSE: TXT) were the only companies listed on the index to record gains.

The U.S. dollar surged against the euro and the yen while a rise in Treasury bonds drove investors to sell despite strong numbers in Friday’s U.S. jobs report, according to the Wall Street Journal.

U.S. businesses added 295, 000 jobs in February and many traders see this as evidence the Federal Reserve could raise interest rates in June, the Journal reported.

The Dow Jones Industrial Average declined 1.54 percent to 17, 856.78, the S&P 500 composite index lost 1.42 percent to 2, 071.26 and the NASDAQ composite index fell 1.11 percent to 4, 927.37.

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