The GovCon Index failed to carry momentum from its Tuesday rebound and plummeted 2.671 percent to 72.284 Wednesday as steep losses in consumer stocks spurred a large-scale selloff in U.S. financial markets.
The Index has declined 6.2 percent since the start of 2016 and is down 8.11 percent from its most recent high of 78.669 on Dec. 1, 2015.
ManTech International (Nasdaq: MANT) was the lone Index stock to close in positive territory at a gain of 1.3 percent to $28.94 with Serco Group PLC (traded over-the-counter) unchanged at $1.30 and all 28 other listed companies down.
The S&P 500 dropped 2.5 percent to fall below 1, 900 for the first time since October 2015.
Consumer-discretionary stocks tumbled 3.1 percent to show its biggest loss since August as U.S. markets continue to be easily swung by investor fears on oil price movements and global growth concerns, according to the Wall Street Journal.
Crude oil futures in New York settled up 0.1 percent to $30.48 a barrel and brent crude in London settled down 1.8 percent to $30.31 a barrel, the Journal reported.
Market Summary
| Advancing GovCon Index Issues | 1 |
| Declining GovCon Index Issues | 28 |
| Unchanged GovCon Index Issues | 1 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 72.284 | -1.984 | -2.671% |
| S&P 500 | 1, 890.28 | -48.40 | -2.50% |
| Dow Jones Industrial Average | 16, 151.41 | -364.81 | -2.21% |
| NASDAQ | 4, 526.06 | -159.85 | -3.41% |
