May 5 Market Close: GovCon Index Tumbles 1%, Trade Deficit Report Sinks US Markets

GovConIndexDOWNThe GovCon Index had two straight days of gains wiped out during Tuesday’s trading session as it closed 1.372 percent lower to end at 73.332.

Serco Inc. was the only Index company to close Tuesday in positive territory.

News that March’s $51.4 billion trade deficit beat expectations of many market analysts and losses in European and Chinese markets triggered a sell-off of U.S. stocks with NASDAQ biotechnology stocks down 2 percent, according to CNBC.

The Dow Jones Industrial Average fell 0.79 percent — or 142.33 points — to 17, 928.07, the S&P 500 composite index declined 1.18 percent to 2, 089.47 and the NASDAQ composite index tumbled 1.55 percent to 4, 939.33.

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