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July 29 Market Close: GovCon Index Extends Climb, US Stocks Move Up After Fed Reports Economic Improvement

GovConIndexUPThe GovCon Index gained at least a full point for the second consecutive trading session Wednesday with a gain of 1.949 percent — or 1.464 points — to close at 76.592.

General Dynamics (NYSE: GD) and Northrop Grumman (NYSE: NOC) both posted second quarter results that beat Wall Street expectations, Bloomberg reported.

Investors reacted to the Federal Reserve‘s statement that it saw “continued” improvement in the economy with increases in job creations, declines in unemployment and more activity in the housing sector, Bloomberg said in its post-close market summary.

Many traders believe an interest rate hike could happen as soon as September, Bloomberg reported.

The Dow Jones Industrial Average rose 121.12 points to 17, 751.39, the S&P 500 composite index gained 15.32 points to 2, 108.57 and the NASDAQ composite index climbed 22.53 points to 5, 111.73.

Top Percentage Gainers

Company $ Current Price $ Change % Change
Booz Allen Hamilton 27.99 +2.07 +7.99%
Northrop Grumman 173.44 +10.10 +6.18%
Leidos Holdings 40.40 +1.91 +4.96%
Raytheon 109.20 +4.31 +4.11%
General Dynamics 149.96 +5.67 +3.93%

Market Summary

  Advancing Issues    26 (86.66%)
  Declining Issues      4 (13.33%)
  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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