August 24 Market Close: GovCon Index Sets One-Day Record for Decline, S&P 500 in Correction

GovConIndexDOWNThe GovCon Index recorded its largest-ever one-day decline Monday — down 3.376 percent to 70.547 — in conjunction with a continued selloff in global markets on fears of an economic slowdown in China.

All 30 Index companies closed in negative territory and the composite value is down 8.7 percent from its most recent three-month high of 77.328 on Aug. 17.

Reuters reports the S&P 500 composite index is officially in correction territory — when a stock index closes 10 percent below its most recent high — for the first time since 2011.

Investors put the odds of an interest rate increase in September at 24 percent, according to Reuters.

The Dow Jones Industrial Average plunged 3.58 percent to 15, 871.28, the S&P 500 composite index fell 3.94 percent to 1, 893.22 and the NASDAQ composite index declined 3.82 percent to 4, 526.25.

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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