April 29 Market Close: GovCon Index Falls, Economic Growth Report Sends Stocks Down

GovConIndexDOWNThe GovCon Index mirrored across-the-board losses in U.S. stock markets Wednesday with a decline of 0.678 points to end the day at 74.831.

General Dynamics (NYSE: GD), the index’s biggest gainer, saw its stock price jump 3.78 percent after the company reported a 7-percent increase in first quarter 2015 revenue from the prior year period.

Investors reacted to a Commerce Department report that said the U.S. economy grew 0.2 percent in the first quarter, which the Wall Street Journal reports was below a 1-percent forecast by economists.

Traders also looked at a Federal Reserve statement, released on the heels of its two-day policy meeting, which the Journal said did not rule out an interest rate hike in the coming months.

The Dow Jones Industrial Average fell 74.61 points to 18, 035.53, the S&P 500 composite index lost 7.91 points to 2, 106.85 and the NASDAQ composite index declined 31.78 points to 5, 023.64.

Top Percentage Gainers

  Company   Stock Price   $ Change   % Change
  Serco Inc.   2.76   0.63   29.32%
  General Dynamics   138.53   5.05   3.78%
  BAE Systems Inc.   31.59   0.42   1.35%
  Navistar   30.15   0.26   0.84%
  Intelsat   12.42   0.07   0.57%

Market Summary

  Advancing Issues      6 (20.00%)
  Declining Issues    24 (80.00%)
  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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