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March 10 Market Close: GovCon Index Stumbles After Strong Open, Markets Choppy on Euro Bank Rate Decision & Oil Fall

GovConIndexDOWNThe GovCon Index tumbled from a positive open and failed to climb back into a gain Thursday with a decline of 0.185 points to 72.857 as markets reacted to the European Central Bank’s series of interest rate and stimulus announcements earlier in the day and lower oil prices.

U.S. stocks entered volatility mid-morning with the S&P 500 composite index down as low as 12 points in the early afternoon on investor uncertainty over the ECB’s decision to lower its baseline interest rate from 0.05 percent to zero.

ECB President Mario Draghi said in a statement to unveil the rate cut and easing package that he does not expect the bank to reduce rates into negative territory, according to CNBC.

The S&P 500 closed at a nominal gain of 0.31 points, while crude oil futures in New York fell 28 cents to $38.01 a barrel.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
ICFI ICF International 32.57 0.76 +2.39%
LDOS Leidos Holdings 46.52 0.98 +2.15%
NAV Navistar International 11.07 0.15 +1.37%
GD General Dynamics * 133.57 1.66 +1.26%
ACM AECOM 29.22 0.29 +1.00%

* 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 72.857 -0.185 -0.253%
S&P 500 1, 989.57 +0.31 +0.02%
Dow Jones Industrial Average 16, 995.13 -5.23 -0.03%
NASDAQ 4, 662.16 -12.22 -0.26%
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