The GovCon Index posted a full rally from the prior day’s losses with a gain of 1.645 percent to 78.284 Friday on a similar surge in U.S. markets after the latest jobs report from the Labor Department.
Friday’s climb recovered some damage incurred from Thursday’s plunge to bring the Index to a decline of 0.11 points — or 0.141 percent — over five days and a climb of 3.085 percent over the past month.
U.S. investors cheered DOL’s report that said non-farm businesses in the country added 211, 000 jobs in November to beat the consensus economist forecast by 11, 000 and markets view this as an indicator the Federal Reserve will increase interest rates at its Dec. 15-16 meeting, according to the Wall Street Journal.
Energy was the only S&P 500 sector to decline Friday after the Organization of the Petroleum Exporting Countries failed to reach an agreement on oil production restrictions which signals member countries will continue to supply crude in a market many observers believe is oversupplied, the Journal said.
S&P 500 energy stocks declined 0.6 percent and U.S. crude oil fell 2.8 percent to $39.90 a barrel.
Top GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
|Index||Value||Net Change||% Change|
|S&P 500||2, 091.62||+42.00||+2.05%|
|Dow Jones Industrial Average||17, 847.63||+369.96||+2.12%|