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  • Tuesday, April 23, 2024

August 20 Market Close: GovCon Index, US Stocks Fall as Traders Cut Odds on September Rate Hike


GovConIndexDOWNThe GovCon Index deepened its current streak of losses into a third consecutive day with a decline of 2.156 percent to close at 75.104.

Three Index stocks out of 30 closed in positive territory: Maximus (NYSE: MMS), ICF International and Booz Allen Hamilton (NYSE: BAH).

Concerns over global growth amid China’s yuan devaluation, other currency weaknesses and declining commodity export prices led U.S. investors to continue a selloff that hit emerging-market stocks, according to Bloomberg.

Bloomberg reports investors cut probability of an interest rate increase at the September Federal Reserve meeting from 50 percent to 36 percent after the July meeting minutes went public.

The Dow Jones Industrial Average plunged 2.06 percent to 16, 990.82, the S&P 500 composite index fell 2.11 percent to 2, 035.74 and the NASDAQ composite index declined 2.82 percent to 4, 877.49.

Market Summary

  Advancing Issues      3 (10.00%)
  Declining Issues    27 (90.00%)
  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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