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February 17 Market Close: GovCon Index Extends Gain Streak to Third Day on Fed Minutes, Oil Climb

GovConIndexUPThe GovCon Index bounced higher for a third consecutive session Wednesday with a gain of 1.411 percent to 71.348, a close that holds the Index barely in correction territory for a sixth straight day.

The Index is 10.05 percent down from its most recent high of 79.332 on Dec. 1 and has entered correction territory twice this calendar year so far.

Index stock and Farifax, Virginia-based government services contractor ManTech International (Nasdaq: MANT) was scheduled to release its fourth quarter and full 2015 financial results after markets closed.

U.S. stocks rose as investors gauged the latest Federal Reserve meeting minutes that indicated central bank leaders were willing to adjust their interest rate hike schedule for 2016 due to global economic contraction, according to CNBC.

Crude oil futures in New York settled higher at 5.58 percent to $30.66 a barrel after Iran said it would support a production freeze.

Investors also welcomed a report that showed industrial production rose 0.9 percent in January with a 77.1-percent capacity utilization, CNBC reported.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
I Intelsat 3.20 +0.17 +5.61%
EGL Engility Holdings 12.75 +0.47 +3.83%
ACM AECOM 26.07 +0.93 +3.70%
NAV Navistar International 8.45 +0.30 +3.68%
BA Boeing* 116.34 +3.74 +3.32%

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 24
Declining GovCon Index Issues 6
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 71.348 +0.993 +1.411%
S&P 500 1, 926.82 +31.24 +1.65%
Dow Jones Industrial Average 16, 453.83 +257.42 +1.59%
NASDAQ 4, 534.06 +98.11 +2.21%
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