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September 4 Market Close: GovCon Index Falls 2%, US Markets Decline on Interest Rate Uncertainty


GovConIndexDOWNThe GovCon Index declined 1.372 percent to 70.966 Friday as U.S. markets also fell on continued uncertainty by investors on whether the Federal Reserve will raise interest rates at its next meeting Sept. 16 and 17.

Health Net at 0.33 percent up (NYSE: HNT) was the only Index company to close at a gain as the other 29 stocks ended in negative territory.

The Index has recorded a 2.73-percent loss from its Aug. 28 close of 72.959 and also is 8.24 percent down from its Aug. 3 close of 77.342.

Data from the Labor Department showed nonfarm businesses added 173, 000 jobs in August and unemployment fell to 5.1 percent — its lowest figure recorded since April 2008 — but gave investors few clues on the Fed’s direction, according to Bloomberg.

Traders priced in the probability of a rate hike at 30 percent after the jobs report’s release, up 26 percent from before it went public, Bloomberg reports.

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

Market Summary

  Advancing Issues      1 (3.33%)
  Declining Issues   28 (96.66%)
  Unchanged Issues     0
Index Value Net Change % Change
GovCon Index 70.966 -0.987  –1.372%
S&P 500 1, 921.22 -29.91 -1.53%
Dow Jones Industrial Average 16, 102.38 -272.38 -1.66%
NASDAQ 4, 683.92 -49.58 -1.05%

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