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  • Thursday, April 25, 2024

April 7 Market Close: GovCon Index Sinks 1% as Investors Worry Over Central Bank Policy


GovConIndexDOWNThe GovCon Index suffered its largest percentage drop in two months Thursday at 0.987 percent — or -0.738 points — to 74.031 with satellite services provider Intelsat (NYSE: I) and rocket maker Orbital ATK (NYSE: OA) the only GCI stocks to close in positive at 3.23 percent and 4 cents, respectively.

Maximus (NYSE: MMS) was the Index’s largest decliner at 7.91 percent to $47.88 after Avondale Partners lowered the Reston, Virginia-based government services contractor’s target price from $65.00 to $58.00 in a research note to investors.

U.S. investors entered a selloff and looked to gold and currency as safe havens in reaction to worries by Federal Reserve officials in their March meeting over risks to the American economy from global events and the potential of a worldwide growth outlook cut by the International Monetary Fund, Bloomberg reported.

Market Summary

Advancing GovCon Index Issues2
Declining GovCon Index Issues28
Unchanged GovCon Index Issues0
IndexValueNet Change% Change
GovCon Index74.031-0.738-0.987%
S&P 5002, 041.91-24.75-1.20%
Dow Jones Industrial Average17, 541.96-174.09-0.98%
NASDAQ4, 848.37-72.35-1.47%

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