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September 18 Market Close: Fed Uncertainty Drags GovCon Index, US Stocks 1%

GovConIndexDOWNContinued uncertainty about the Federal Reserve‘s Thursday decision to hold interest rates at their current near-zero levels triggered declines of at least 1 percent each for the GovCon Index and major U.S. stock indices.

The GovCon Index fell 1.647 percent to 72.256 with only three companies in positive territory: CGI Group (NYSE: GIB) up 1.06 percent, Cubic Corp. (NYSE: CUB) up 0.61 percent and Leidos (NYSE: LDOS) up 0.44 percent.

The Index ended the week 0.61 percent down from its Sept. 11 close of 72.70 and has declined 6.28 percent from from its Aug. 18 close of 77.098.

According to the Wall Street Journal, U.S. investors are wary of the Fed’s statement that the central bank remains concerned about global economic growth prospects and Chair Janet Yellen’s comment that policy makers would take some time to evaluate market volatility.

Many traders pointed to China as a particular concern for the Fed, the Journal reported.

Executive Mosaic’s GovCon Index tracks 30 large, publicly-traded government contracting companies.

Market Summary

Advancing Issues 3
Declining Issues 27
Unchanged Issues 0
Index Value Net Change % Change
GovCon Index 72.256 1.210 1.647%
S&P 500 1, 958.07 -32.14 -1.61%
Dow Jones Industrial Average 16, 384.72 -290.02 -1.74%
NASDAQ 4, 827.23 -66.72 -1.36%
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