The GovCon IndexÂ mirrored the larger selloff and economic growth concerns in U.S. stock markets Thursday with a decline of 1.988 percentÂ to 75.961.
Shares in BAE SystemsÂ –Â the Index’s only gainerÂ — climbed 3.3Â percent to $27.51Â onÂ U.S. over-the-counter marketsÂ after the defense contractor said it would retainÂ its U.S. information technology and government servicesÂ business after a seven-month review of the unit.
BAE’s stock also rose 16.7 percent in London as U.K. investorsÂ welcomed CEO Ian King’s comments in the company’s trading updateÂ posted Thursday morning that the contractor isÂ “operating in an improving business environment” despite a reduced earnings outlook for 2015.
Maximus (NYSE: MMS) sharesÂ declinedÂ 21.9Â percent toÂ $53.61Â in New York after the Reston, Virginia-based contractor scaled backÂ earnings guidance for its 2016 fiscal year on delays in efforts to build up staff for aÂ health assessment advisory service contract in the U.K.
According to Bloomberg, the across-the-board declines in U.S. markets were spurred by comments from Federal ReserveÂ New York Bank President William Dudley that the central bank should move to raiseÂ interest rates.
Bloomberg reports James Bullard and Charles Evans, respectively St. Louis and Chicago Fed presidents, also weighed in on the timing of a rate hike.
|Index||Value||NetÂ Change||%Â Change|
|S&P 500||2, 045.95||-29.05||-1.40%|
|Dow Jones Industrial Average||17, 744.94||-254.28||-1.44%|