The GovCon Index struggled for gains Tuesday after a positive open and closed at a decline of 0.357 points to 71.808.
U.S. stocks declined after five days of positivity as biotechnology shares declined and investors also responded to the International Monetary Fund’s statement that the organization remain concerned over economies in developing nations, according to Bloomberg.
Oil prices in New York and London climbed for a third consecutive day and currencies such as the Euro, Australia’s dollar and Japan’s yen rose against the U.S. dollar.
Investors believe a weaker U.S. dollar could help multinational companies in their third quarter earnings as the financial reporting season approaches, Bloomberg reported.
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, 979.92||-7.13||-0.36%|
|Dow Jones Industrial Average||16, 790.19||+13.76||+0.08%|