The GovCon Index held strong from a choppy morning session Thursday and ended at a gain of 1.134 percent to 72.570, which brings the Index out of correction territory after a one-day re-entry at the previous session’s close.
The Index was in correction, or 10 percent down from its most recent high, for 13 days until Friday’s close and has been subjected to global headwinds and financial market volatility since the turn of the year to the tune of a 6.37-percent decline.
Investors cheered new data that showed U.S. durable good orders rose in January at a rate above what economists expected and financial shares led all S&P 500 sectors in gains, according to Reuters.
Crude oil futures in the U.S. rallied late to register a positive settle of 92 cents to $33.07 a barrel after a decline of more than $1 earlier on news that OPEC countries and Russia will gather in March to discuss a potential production cap, while brent crude in London rose 79 cents to $35.22 a barrel.
Financial stocks have plunged 12 percent to be the worst-performing S&P sector on worries that energy companies could default on loans due to the worldwide plummet in oil prices, according to Reuters.
Top GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||28|
|Declining GovCon Index Issues||2|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||1, 951.70||+21.90||+1.13%|
|Dow Jones Industrial Average||16, 697.29||+212.30||+1.29%|