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August 24 Midday Special Report: GovCon Index Reflects Global Selloff, Near 3% Decline

GovConIndexDOWNThe GovCon Index felt the effects of a global selloff Monday and sat at a decline of 2.689 percent to 71.049 as of 11:50 a.m. Eastern time with all 30 Index companies in negative territory.

Worries over a potential slowdown in China’s economy has triggered large-scale declines in worldwide stock markets over the recent week and the Dow Jones Industrial Average at one point was down approximately 6.6 percent — or 1, 089 points — in the morning session, the Wall Street Journal reported.

U.S. stocks cut some losses as the noon hour approached and investors looked to U.S. government bonds, the Swiss franc and the Japanese yen, according to the Journal.

The S&P 500 entered correction territory and the NASDAQ composite index is on pace to its lowest close since December 2008, CNBC reports.

As of 11:50 a.m. Eastern time:

  • The Dow Jones Industrial Average was down 1.92 percent to 16, 144.10
  • The S&P 500 composite index was down 2.09 percent to 1, 929.77
  • The NASDAQ composite index was down 1.81 percent to 4, 620.81
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