Home / Financial Report / March 25 Market Close: GovCon Index Nosedives After Durable Goods Report Shows Decline

March 25 Market Close: GovCon Index Nosedives After Durable Goods Report Shows Decline

GovConIndexDOWNThe GovCon Index closed in negative territory for the third consecutive day this week with a loss of 2.271 percent to end up at 68.195.

Engility Holdings (NYSE: EGL) and Navistar (NYSE: NAV) were the only Index companies to see their stock prices rise Wednesday.

U.S. stock markets largely went into selloff mode after the Commerce Department said durable good orders fell 1.4 percent in February from the prior month and that data surprised many investors, according to the Wall Street Journal.

Biotechnology and semiconductor shares declined across-the-board and traders looked to energy stocks as crude oil futures rose 3.6 percent to $49.21 per barrel, the Journal reported.

The Dow Jones Industrial Average plunged 1.62 percent to 17, 718.54, the S&P 500 composite index sank 1.46 percent to 2, 061.05 and the NASDAQ composite index fell 2.37 percent to 4, 876.52.

Check Also

Kevin McDonnell to Join AeroVironment as SVP, CFO

Kevin McDonnell, former senior vice president and chief financial officer of JAMS, has been appointed to the same positions at unmanned aircraft system maker AeroVironment (Nasdaq: AVAV). His appointment is effective Feb. 10 and he will succeed Brian Shackley, who has held the CFO role at AeroVironment on an acting basis since October, the company said Thursday.

Army Engineers Select Brayman for $320M Bluestone Dam Rehabilitation Contract

Brayman Construction has landed a potential nine-year, $319.6M contract from the U.S. Army Corps of Engineers to renovate recreational areas and equipment at the Bluestone Dam's stilling basin in West Virginia.