Hello, Guest!
  • Thursday, April 18, 2024

August 24 Market Close: GovCon Index Sets One-Day Record for Decline, S&P 500 in Correction


GovConIndexDOWNThe GovCon Index recorded its largest-ever one-day decline Monday — down 3.376 percent to 70.547 – in conjunction with a continued selloff in global markets on fears of an economic slowdown in China.

All 30 Index companies closed in negative territory and the composite value is down 8.7 percent from its most recent three-month high of 77.328 on Aug. 17.

Reuters reports the S&P 500 composite index is officially in correction territory — when a stock index closes 10 percent below its most recent high — for the first time since 2011.

Investors put the odds of an interest rate increase in September at 24 percent, according to Reuters.

The Dow Jones Industrial Average plunged 3.58 percent to 15, 871.28, the S&P 500 composite index fell 3.94 percent to 1, 893.22 and the NASDAQ composite index declined 3.82 percent to 4, 526.25.

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

Video of the Day

Related Articles

HP Federal’s Tommy Gardner: Talent, Innovation, Supply Chain Security Key to Drive Economy Press Releases

HP Federal’s Tommy Gardner: Talent, Innovation, Supply Chain Security Key to Drive Economy

TYSONS CORNER, VA, June 3, 2021 — HP Federal Chief Technology Officer Tommy Gardner said recommendations from the Council of Competitiveness for the U.S. government to build a technical talent base, increase product sustainability and secure the domestic supply chain are intended to spur innovation across the economy, ExecutiveBiz reported May 18. “Developing technical talent,

Unisys Index Analyzes COVID-19 Impact on Security, Economy; Mathew Newfield Quoted News

Unisys Index Analyzes COVID-19 Impact on Security, Economy; Mathew Newfield Quoted

Unisys (NYSE: UIS) has conducted a new Unisys Security Index, analyzing the effects of remote work and critical information as an effect of the COVID-19 pandemic.

U.S. Adds 211,000 jobs in April; Unemployment Dips to 4.4 Percent News

U.S. Adds 211,000 jobs in April; Unemployment Dips to 4.4 Percent

Employment rates in April rebounded better than expected, as employers added a solid 211,000 jobs. Unemployment dipped to 4.4 percent, its lowest rate in a decade, the Labor Department said Friday. The market added an average of 185,000 jobs a month this year, matching last year’s pace, reports CBS. Hiring was strongest in lower-paying industries  and hotels, restaurants, casinos