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May 22 Market Close: GovCon Index Continues Slide, Market Examines Inflation Report


GovConIndexDOWNThe GovCon Index extended its decline for the second consecutive day Friday with a loss of 0.328 points to close at 75.067.

Harris Corp. (NYSE: HRS) and Exelis (NYSE: XLS) both jumped 1 percent after the companies announced Harris’ acquisition of Exelis is scheduled to close May 29 after the deal received approval from the Justice Department and Exelis shareholders.

Investors entered selling mode early in the trading session after the latest Consumer Price Index for April rose 0.1 percent and a core figure of 0.3 percent when discounting food and energy costs, according to CNBC.

Gains in financials helped U.S. stocks close with mixed results despite the inflation data, CNBC reports.

The Dow Jones Industrial Average declined 53.72 points to 18, 232.02, the S&P 500 composite index slipped 4.75 points to 2, 126.07 and the NASDAQ composite index lost 1.43 points to 5, 089.36.

Top Percentage Gainers

  Company   Stock Price   $ Change   % Change
  Harris Corp.   80.26   0.94   1.19%
  ICF International   36.42   0.33   0.91%
  Intelsat   10.48   0.09   0.87%
  Exelis Inc.   24.82   0.21   0.85%
  Navistar   28.18   0.20   0.71%

Market Summary

  Advancing Issues     8 (26.66%)
  Declining Issues   22 (73.33%)
  Unchanged Issues     0

Executive Mosaic‘s GovCon Index is a composite index that tracks 30 of the largest publicly-traded Government Contracting (GovCon) firms.

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