The GovCon Index rebounded 1.541 percent to 73.980 Friday with all 30 stocks up in movement that mirrored U.S. stocks’ recovery on a sharp rise in crude oil prices and investor confidence in the European Central Bank’s latest stimulus initiative.
Friday’s close puts the Index up at a nominal 0.053 points over five days to post its fourth consecutive weekly gain and the GCI is down 4.33 percent on a year-to-date basis.
The Index has risen 7.89 percent since its early February dive into a correction, when the GCI was down 11.33 percent year-to-date then.
All sectors of the S&P 500 climbed Friday to cut the composite index’s decline from the start of the year to 1.09 percent in a reversal from deep losses spurred by the plunge in oil prices.
According to Reuters, investors are uncertain whether the Federal Reserve will raise interest rates at its March 15-16 meeting as data shows the U.S. labor market is healthy but wage numbers are a concern for central bank policymakers.
Top GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
|MCK||McKesson Corp. *||166.40||5.28||+3.28%|
* Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||30|
|Declining GovCon Index Issues||0|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 022.19||+32.62||+1.64%|
|Dow Jones Industrial Average||17, 213.31||+218.18||+1.28%|