The world has been captivated over the last 10 days by the frenzied selloff in global stock markets then subsequent rebound over the past two days and government contractors were not immune to that volatility.
Executive Mosaic’s GovCon Index — our composite stock index of 30 large contractors — mirrored the six-day drop in U.S. markets between Aug. 18 and Aug. 25 that was triggered mainly by investor concerns over an economic slowdown in China but also over a possible U.S. interest rate hike in September and a plunge in oil prices.
For its part, the GovCon Index fell 9.9 percent over those six days and its Tuesday closereflected concerns over global growth that spurred a large sell-off in the last hour of trading then.
The Index rebounded 4.59 percent over Wednesday and Thursday as investors grew confident that the Federal Reserve would not raise interest rates in September meeting from data that showed U.S. gross domestic product expanded in the second quarter at a pace that beat initial estimates.
Please bookmark GovConIndex.com and check periodically each day to follow the industry’s performance on Wall Street and to track your individual company or stock’s movements.
Time is running out to reserve your seat at the Potomac Officers Club‘s next “CIO Speaker Series” event Sept. 2, which will feature Army acquisition chief Heidi Shyu as the keynote.
Shyu holds the title of assistant secretary for acquisition, logistics and technology and acts as the Army’s acquisition executive, senior procurement executive, science adviser to the branch’s secretary and serves as the Army’s senior research and development official.
Chris Hamm, head of the General Services Administration’s Federal Systems Integration and Management Center, is scheduled to speak on Sept. 24.
Additionally, we are looking forward to the POC’s 2015 Cybersecurity Summit on Oct. 15 with Navy Adm. Michael Rogers, head of the National Security Agency and Cyber Command, lined up as the headline speaker.
Click here to sign up for these events and view POC’s full calendar.
THIS WEEK’S TOP NEWS STORIES