Home / Financial Report / September 2 Market Close: GovCon Index, US Stocks Rebound on Beige Book Report

September 2 Market Close: GovCon Index, US Stocks Rebound on Beige Book Report

GovConIndexUPThe GovCon Index rebounded from two days of declines with a gain of 2.374 percent to close at 71.791 Wednesday as U.S. markets also tried to recover ground from prior losses.

The Index remains 7.02 percent below its three-month high of 77.214 from Aug. 17 and is 1.62 percent down from its Aug. 28 close of 72.975, the last gain prior to Wednesday.

The S&P 500 composite closed above and the NASDAQ composite index left correction territory Wednesday but the Dow Jones Industrial Average remains in a correction.

Investors drew confidence from the Federal Reserve‘s newest Beige Book that said U.S. economic activity is continuing on a path of solid growth, according to CNBC.

Energy shares also rebounded on crude oil’s 1.85 percent rise to $46.25 in New York despite an Energy Information Administration report that said oil inventories rose in the prior week, CNBC said.

Traders will watch Friday’s payrolls report as that is the last piece of economic data to go public before the Fed’s next meeting on Sept. 16 and 17 that could see the central bank raise interest rates.

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

Top Percentage Gainers

Company $ Current Price $ Change % Change
Serco Group 1.78 +0.20 +12.66%
Huntington Ingalls Industries 114.26 +6.71 +6.24%
Textron 38.58 +1.41 +3.79%
Maximus 62.10 +2.12 +3.53%
Raytheon 103.38 +3.34 +3.34%

Market Summary

  Advancing Issues    28 (93.33%)
  Declining Issues      2 (6.66%)
  Unchanged Issues      0
Index Value Net Change % Change
GovCon Index 71.791 +1.665 +2.374%
S&P 500 1, 948.86 +35.01 +1.82%
Dow Jones Industrial Average 16, 351.38 +293.03 +1.82%
NASDAQ 4, 749.98 +113.87 +2.46%

Check Also

Kevin McDonnell to Join AeroVironment as SVP, CFO

Kevin McDonnell, former senior vice president and chief financial officer of JAMS, has been appointed to the same positions at unmanned aircraft system maker AeroVironment (Nasdaq: AVAV). His appointment is effective Feb. 10 and he will succeed Brian Shackley, who has held the CFO role at AeroVironment on an acting basis since October, the company said Thursday.

Army Engineers Select Brayman for $320M Bluestone Dam Rehabilitation Contract

Brayman Construction has landed a potential nine-year, $319.6M contract from the U.S. Army Corps of Engineers to renovate recreational areas and equipment at the Bluestone Dam's stilling basin in West Virginia.