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February 16 Market Close: GovCon Index Extends Rally With 1% Surge, US Stocks Up on Consumer & Bank Share Gains

GovConIndexUPThe GovCon Index carried its positive momentum from Friday’s rally with a gain of 1.531 percent to 70.355 Tuesday — its first close above 70 in two days — on a bounce in confidence from investors that some equities may have been oversold.

Gains among consumer, industrial and financial shares helped drive the S&P 500 composite index up 1.65 percent despite another decline in crude oil prices.

Oil reversed into a decline after Russia and Saudi Arabia failed to reach a pact on a supply cut but traders drew some hope from any discussions having taken place, according to Reuters.

Crude futures in New York fell 1.36 percent to $29.04 a barrel and brent in London posted a nominal 33-cent decline to $32.25 a barrel.

Reuters reports investors have the most cash in hand at any point since November 2001 and that could be a precursor to a new round of buying.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
NAV Navistar International 8.15 +0.65 +8.67%
CUB Cubic Corp. 34.11 +2.52 +7.98%
EGL Engility Holdings 12.28 +0.49 +4.16%
BA Boeing* 112.60 +3.97 +3.65%
LDOS Leidos Holdings 43.22 +1.29 +3.08%

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 27
Declining GovCon Index Issues 3
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 70.355 +1.061 +1.531%
S&P 500 1, 895.58 +30.80 +1.65%
Dow Jones Industrial Average 16, 196.41 +222.57 +1.39%
NASDAQ 4, 435.96 +98.44 +2.27%
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