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  • Friday, April 26, 2024

March 30 Market Close: GovCon Index Rally Extends to 3rd Day, US Markets Eye Slower Rate Hike Pace


GovConIndexUPThe GovCon Index extended its stretch of positive movement into a third full trading session Wednesday with a gain of 0.204 points to 74.334 as U.S. investors continued to gauge Tuesday’s comments from Federal Reserve Chair Janet Yellen on a potentially slower interest rate hike path for the central bank.

Falls Church, Virginia-based CSRA (NYSE: CSRA) rose 2.37 percent to $27.19 after Zack’s Investment Research upgraded the company’s shares from “hold” to “buy” in a note to investors.

Zack’s currently has the price objective for CSRA at $30 per share.

According to Bloomberg, futures traders have priced in near-zero percent odds of a rate increase at the Fed’s April meeting and 47 percent for a hike by November on Yellen’s speech that indicated the central bank seeks a “cautious” approach to monetary policy in light of a slowing global economy.

Top GovCon Index Gainers

SymbolCompany$ Current PriceNet Change% Change
CSRACSRA*27.19+0.63+2.47%
OAOrbital ATK87.77+1.56+1.81%
GIBCGI Group47.64+0.59+1.25%
RTNRaytheon*123.76+2.05+1.07%
NOCNorthrop Grumman *198.73+2.05+1.04%

* Also listed on the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues20
Declining GovCon Index Issues9
Unchanged GovCon Index Issues1
IndexValueNet Change% Change
GovCon Index74.334+0.204+0.275%
S&P 5002, 063.95+8.94+0.44%
Dow Jones Industrial Average17, 716.66+83.55+0.47%
NASDAQ4, 869.29+22.67+0.47%

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