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August 11 Market Close: GovCon Index, US Stock Indices Drop 1% on China’s Currency Devaluation

GovConIndexDOWNThe GovCon Index wiped out all of its gains from Monday’s trading session to record a loss of 1.089 percent and close at 76.486.

All three major U.S. stock indices lost close to 1 percent each as traders reacted to China’s devaluation of its currency and also showed concern over a potential slowdown of raw material imports there, the Wall Street Journal reported in its Tuesday market summary.

The Dow Jones Industrial Average plunged 1.21 percent to 17, 402.84, the S&P 500 composite index fell 0.96 percent — or 20.10 points — to 2, 084.08 and the NASDAQ composite index declined 1.27 percent to 5, 036.79.

Market Summary

  Advancing Issues      2 (6.66%)
  Declining Issues    28 (93.33%)
  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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