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September 17 Market Close: GovCon Index, US Stocks Mixed After Fed Holds Interest Rate


GovConIndexDOWNThe Federal Reserve‘s decision Thursday to leave short-term interest rates unchanged spurred an afternoon of volatile activity in U.S. markets as the GovCon Index and three major U.S. stock indices ended the day with mixed results.

The GovCon Index declined 0.091 points to 73.466 and at one point before the Fed’s announcement sat at a gain of nearly 0.8 percent with the other indices up 1 percent prior to the central bank’s statement.

The Dow Jones Industrial Average and S&P 500 composite index both incurred slight losses and the NASDAQ composite index closed with a nominal gain.

U.S. investors examined the Fed’s statement that it remained concern about economic events outside the U.S. and Chair Janet Yellen’s press conference to explain the decision, Bloomberg reported.

Yellen said the Fed would seek a gradual raise of interest rates and was more concentrated on how it would tighten monetary policy rather than the timing of a rate hike,  according to Bloomberg.

Executive Mosaic’s GovCon Index tracks 30 large publicly-traded government contracting companies.

Top GovCon Index Gainers

Company $ Current Price $ Change % Change
Serco Group 1.72 +0.14 +8.86%
Booz Allen Hamilton 27.72 +0.40 +1.46%
SAIC 43.10 +0.59 +1.39%
ManTech International 27.35 +0.31 +1.15%
Cubic Corp. 42.43 +0.41 +0.98%

Market Summary

Advancing Issues 16
Declining Issues 14
Unchanged Issues 0
Index Value Net Change % Change
GovCon Index 73.465 -0.091 -0.124%
S&P 500 1, 990.20 -5.11 -0.26%
Dow Jones Industrial Average 16, 674.74 -65.21 -0.39%
NASDAQ 4, 893.95 +4.71 +0.10%

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