February 9 Market Close: GovCon Index, US Stocks End Volatile Session in Neutral as Oil Hits $28

GovConIndexUPThe GovCon Index reversed a negative open of at least 1 percent as Tuesday’s trading day progressed but hit another dip in the final hour to end at a nominal gain of 0.044 points to 70.079.

Gains in biotechnology and material shares helped U.S. stocks bounce back in Monday’s afternoon session but also ended at nominal losses as investors continued to watch crude oil price declines and eye the bond market for safety against volatility.

Crude futures in New York settled down 3.1 percent to $28.77 a barrel and have declined 20 percent from the start of the year while U.S. treasuries are on their best start to a year since 1988, according to Bloomberg.

The U.S. oil benchmark fell below $28 in mid-afternoon trade.

Investors are also anticipating Federal Reserve Chair Janet Yellen’s two-day testimony to lawmakers Wednesday and Thursday for hints as to when the next interest rate hike could occur, Bloomberg reported.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
GIB CGI Group 41.21 +0.82 +2.03%
HNT Health Net 61.94 +1.07 +1.76%
HON Honeywell International* 102.72 +1.19 +1.17%
NOC Northrop Grumman* 187.32 +1.70 +0.92%
SAIC SAIC 40.85 +0.35 +0.86%

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 12
Declining GovCon Index Issues 18
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 70.079 +0.044 +0.064%
S&P 500 1, 852.21 -1.23 -0.07%
Dow Jones Industrial Average 16, 014.38 -12.67 -0.08%
NASDAQ 4, 268.76 -14.99 -0.35%

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