September 23 Market Close: GovCon Index Extends Dip, Material Sector Drags US Stocks

GovConIndexDOWNThe 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
Health Net 65.66 +0.75 +1.16%
Raytheon 104.77 +1.12 +1.08%
Maximus 62.20 +0.52 +0.84%
Harris Corp. 72.45 +0.17 +0.24%

Market Summary

Advancing Issues 4
Declining Issues 24
Unchanged Issues 2
Index Value Net Change % Change
GovCon Index 70.902 -0.462 -0.647%
S&P 500 1, 938.76 -3.98 -0.20%
Dow Jones Industrial Average 16, 279.89 -50.58 -0.31%
NASDAQ 4, 752.74 -3.98 -0.08%

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