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March 18 Market Close: GovCon Index, US Markets Rally After Fed Statement

GovConIndexUPThe GovCon Index rode across-the-board gains in U.S. stock market Wednesday with a rise of 0.714 points — or 1.016 percent — to 69.558.

As many investors expected, the Federal Reserve removed the word “patient” in its guidance on the next interest rate increase but the central bank also signaled it would wait to raise rates until it believes low inflation is on track to reach 2 percent and sees improvements in the job market, the Wall Street Journal reported.

The Journal also reports traders think the Fed will likely not raise rates in June due in part to a strengthening U.S. dollar and concerns over economic growth.

The Dow Jones Industrial Average surged 1.27 percent to 18, 076.19, the S&P 500 composite index rose 1.21 percent to 2, 099.41 and the NASDAQ composite index gained 0.92 percent — or 45.39 points — to 4982.83.

Top Percentage Gainers

  Company   Stock Price   $ Change   % Change
  Serco Inc.   2.63   0.14   5.62%
  BAE Systems Inc.   32.64   0.84   2.64%
  Intelsat   11.46   0.29   2.60%
  Healthnet   60.35   1.48   2.51%
  Engility Holdings   32.82   0.79   2.47%

Market Summary

  Advancing Issues    29 (96.66%)
  Declining Issues       1 (3.33%)
  Unchanged Issues       0

Executive Mosaic‘s GovCon Index is a composite index that tracks 30 of the largest publicly-traded Government Contracting (GovCon) firms.

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