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%

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