The GovCon Index mirrored wild volatility in U.S. markets Wednesday to close at a decline of 0.703 points to 71.438 with an attempt to recover from steep and rapid declines during morning and mid-afternoon trade.
The Index showed a 3.5 percent decline at around 12 p.m. ET and fell further to a 4.5-percent loss shortly before 1 p.m., which reflected a similar plunge by the S&P 500 composite index at 4 percent then to barely stay above 1, 800.
Wednesday’s close puts the Index at a 9.15-percent fall from its most recent high on Dec. 1 to put it barely short of a correction, or 10 percent down from its most recent high at the close.
U.S. stocks more than halved their losses in the final hour of trade with the S&P 500 ended at a decline of 1.17 percent on a rally from a plunge driven by further declines in U.S. crude oil futures, which settled down 6.7 percent to $26.55.
Markets in the U.S. were on pace at one point to show the largest one-day selloff in five months and global equities had lost more than $15 trillion in value, Bloomberg reported.
Top GovCon Index Gainers
| Symbol | Company | $ Current Price | Net Change | % Change |
|---|---|---|---|---|
| NAV | Navistar International | 6.70 | +0.47 | +7.54% |
| I | Intelsat | 3.22 | +0.17 | +5.57% |
| EGL | Engility Holdings | 28.95 | +0.84 | +2.99% |
| SAIC | SAIC | 43.98 | +1.15 | +2.69% |
| CACI | CACI International | 87.92 | +1.31 | +1.51% |
*Also listed in the S&P 500 composite index
Market Summary
| Advancing GovCon Index Issues | 12 |
| Declining GovCon Index Issues | 16 |
| Unchanged GovCon Index Issues | 2 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 71.438 | -0.703 | -0.974% |
| S&P 500 | 1, 859.33 | -22.00 | -1.17% |
| Dow Jones Industrial Average | 15, 756.74 | -249.28 | -1.56% |
| NASDAQ | 4, 471.69 | -5.26 | -0.12% |
