October 28 Market Close: GovCon Index Hits New Record High on Earnings Reports, US Stocks Rise

GovConIndexUPThe GovCon Index rose 2.474 percent to an all-time high of 77.167 Wednesday on strong earnings reports from listed companies and high volume on a positive day for U.S. markets as the Federal Reserve released its latest policy statement.

Northrop Grumman (NYSE: NOC) rose 5.48 percent to $190.50 on the U.S. Air Force‘s Tuesday announcement of the company’s multibillion dollar Long Range Strike Bomber contract win and third quarter earnings and sales that exceeded Wall Street analyst forecasts.

Booz Allen Hamilton (NYSE: BAH) surged 9.62 percent to $30.30 after the consulting firm posted a 1.3 percent year-over-year increase in second quarter sales with earnings and revenue figures above Wall Street expectations.

ManTech International (Nasdaq: MANT) will report third quarter results after U.S. markets close.

U.S. stocks held onto gains despite a brief afternoon slip as investors weighed the Fed’s statement that short-term interest rates are staying at near-zero levels but left open the possibility to an increase at the central bank’s meeting in December, the Wall Street Journal reported.

Officials signaled fewer concerns about market volatility and pointed to December as a potential time to assess the timing of a rate hike, according to the Journal.

Top GovCon Index Gainers

Company $ Current Price $ Change % Change
L-3 Communications 125.59 +11.04 +9.64%
Booz Allen Hamilton 30.30 +2.66 +9.62%
Navistar International 12.40 +1.04 +9.15%
Northrop Grumman 190.50 +9.90 +5.48%
CACI International 89.21 +4.39 +5.18%

Market Summary

Advancing Issues 27
Declining Issues 3
Unchanged Issues 0
Index Value Net Change % Change
GovCon Index 77.167 +2.185 +2.914%
S&P 500 2, 090.34 +24.45 +1.18%
Dow Jones Industrial Average 17, 779.52 +198.09 +1.13%
NASDAQ 5, 095.69 +65.54 +1.30%

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