The GovCon Index failed to turnaround declines incurred during morning trade Monday and ended at a loss of 0.237 points to 73.743 as U.S. stocks hovered in and out of positive territory throughout the afternoon session.
Investors have turned their attention to the Federal Reserve‘s two-day meeting Wednesday and Thursday with the priced-in odds of an interest rate hike slim at this gathering but chances of a move in June at 50 percent compared to 2 percent in February, Bloomberg reported.
The S&P 500 composite index closed down a nominal 2.55 points as consumer stock gains balanced against declines among financial and energy shares.
Crude oil futures in New York fell 3.4 percent to $37.18 a barrel after Iran’s oil minister said the country plans to increase its output before discussions with other producers on how they can rebalance global supply, according to Bloomberg.
Top GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
* Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||9|
|Declining GovCon Index Issues||21|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 019.64||-2.55||-0.13%|
|Dow Jones Industrial Average||17, 229.13||+15.82||+0.09%|