The GovCon Index tumbled 2.055 percent — or 1.394 points — to close at 69.214 on a Wednesday that saw only two out of 30 companies on the index show gains: Science Applications International Corp. (NYSE: SAI) and Serco Inc.
SAIC’s stock price increased for a second consecutive day after the company said its third-quarter revenue increased 2 percent year-over-year when excluding figures from its former parent Leidos (NYSE: LDOS).
The share price of SAIC grew 21 cents Wednesday to close at 51.06 and Serco gained 1 cent to close at 2.54.
Laggers outnumbered gainers on the New York Stock Exchange by a nearly 4-to-1 ratio and energy stocks continued to plummet in part due to falls in oil prices, according to Reuters.
The Dow Jones Industrial Average fell 1.51 percent to close at 17, 533.15, the S&P 500 composite index lost 1.63 percent to 2, 026.15 and the NASDAQ composite index declined 1.73 percent to 4, 684.03.
The Executive Mosaic GovCon Index is a composite index that tracks 30 of the largest publicly-traded Government Contracting (GovCon) firms.