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March 2 Market Close: GovCon Index Marginally Up on February Payroll Report, Rate Hike Odds Rise

GovConIndexUPThe GovCon Index edged higher Wednesday with a gain of 0.300 points to 73.224 as the three major U.S. stock indices also closed narrowly up on new data investors welcomed as showing slight improvement in the U.S. economy.

The latest National Employment Report from payroll processing services company ADP and Moody’s Analytics said private businesses in the U.S. added 214, 000 jobs in February, a number Reuters reported surpassed economists’ expectations of 190, 000 new positions.

According to Bloomberg, traders have priced in a 40-percent chance of a rate hike in June compared to the 26-percent odds posted last week and have the probability of a December increase at 68 percent, up from 42 percent last Wednesday.

Energy stocks and financial shares were the top gainers among sectors in the S&P 500 composite index, which rose 8.1 points, or 0.41 percent.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
I Intelsat 1.88 0.38 25.33%
NAV Navistar International 9.27 0.43 4.86%
OA Orbital ATK 84.69 3.78 4.85%
EGL Engility Holdings 16.02 0.64 4.16%
CACI CACI International 99.23 2.26 2.33%

Market Summary

Advancing GovCon Index Issues 19
Declining GovCon Index Issues 11
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 73.224 +0.300 +0.411%
S&P 500 1, 986.45 +8.10 +0.41%
Dow Jones Industrial Average 16, 899.08 +34.24 +0.20%
NASDAQ 4, 703.42 +13.83 +0.29%

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