The GovCon Index deepened its losses Wednesday with a decline of 0.462 points to 70.902, a figure 8.08 percent below its three-month high of 77.134 from the July 16 close.
The Dow Jones Industrial Average remains in correction territory while the S&P 500 and NASDAQ composite indices are within 10 percent of their 52-week highs.
U.S. investors reacted to the release of the preliminary China manufacturing purchasing managers’ index for September that showed a reading of 47.0 for September, which CNBC reports is the lowest figure in six-and-a-half years and well below analysts’ expectations.
Materials stocks declined more than 1.5 percent and worries over the Federal Reserve‘s decision to hold interest rates at near-zero levels continued to hold over U.S. markets.
Executive Mosaic’s GovCon Index tracks 30 large, publicly-traded government contracting companies.
Top GovCon Index Gainers
|Company||$ Current Price||$ Change||% Change|
|Index||Value||Net Change||% Change|
|S&P 500||1, 938.76||-3.98||-0.20%|
|Dow Jones Industrial Average||16, 279.89||-50.58||-0.31%|