December 9 Market Close: GovCon Index Swaps AM Gains for Sharp Loss as Investors Anticipate Rate Hike

GovConIndexDOWNThe GovCon Index plummeted from a strong morning open to close at a steep decline of 1.346 percent to 76.570 that mirrored sharp losses for U.S. markets in the afternoon session.

The Index approached a 1-percent gain mid-morning before its entry into negative territory that mirrored the U.S.’ three major stock indices.

U.S. investors appeared to take profits a week ahead of the Federal Reserve‘s policy meeting that economic observers expect to result in an interest rate hike from current near-zero levels, Reuters reported.

Crude oil in New York and brent crude in London, the world’s benchmark for the commodity, rose 4 percent in the morning session after the U.S. Energy Information Administration reported a stockpile decline for the first time in 10 weeks before both futures settled down as investors focused on numbers that showed distillates such as diesel showed the sharpest increase since January, CNBC said.

The S&P 500’s energy sector has plunged more than 9 percent since December’s start.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
NAV Navistar International 11.51 +0.91 +8.58%
I Intelsat 4.05 +0.22 +5.74%
TXT Textron 41.47 +0.33 +0.75%
BAESY BAE Systems 30.20 +0.20 +0.67%
CSRA CSRA 28.08 +0.17 +0.61%

Market Summary

Advancing Issues 6
Declining Issues 23
Unchanged Issues 1
Index Value Net Change % Change
GovCon Index 76.570 -1.045 -1.346%
S&P 500 2, 047.66 -15.93 -0.77%
Dow Jones Industrial Average 17, 492.64 -75.36 -0.43%
NASDAQ 5, 022.87 -75.38 -1.48%

Check Also

KBR

KBR Wins Potential $93M Navy Combat Integration System Support IDIQ

KBR’s (NYSE: KBR) government services business has won a potential five-year, $92.6M contract to engineer and produce datalink systems and associated platforms for the U.S. Navy’s combat operations.

DLA

DLA Awards Logistics Modernization Integration Support IDIQs to Advantaged Solutions, United Defense International

Advantaged Solutions and United Defense International have each received a potential five-year, $265M contract from the Defense Logistics Agency for logistics modernization integration support.