The GovCon Index received a jolt Tuesday from Science Applications International Corp.‘s (NYSE: SAIC) latest earnings report and other general market conditions to close at a gain of 1.612 percent to 74.129.
McLean, Virginia-based GovCon services contractor SAIC led Index gainers at 11.45 percent after the company said it exceeded Wall Street’s expectations in earnings and sales for its 2016 fiscal year, which runs February to January.
Analysts forecast SAIC to register approximately 5-percent revenue growth for fiscal 2017.
The GCI’s second-ranked gainer Vectrus (NYSE: VEC) rose 7.41 percent on news that a subsidiary of the Colorado Springs-based contractor received $352 million in additional contract funds to continue its security services for the U.S. Army in Kuwait.
Both the S&P 500 composite index — which 11 GCI stocks belong to — and the Dow Jones Industrial Average closed at 2016 highs as investors welcomed Federal Reserve Chair Janet Yellen’s comments to the Economic Club of New York that the central bank will move cautiously as U.S. economic data is showing mixed readings, CNBC reported.
The S&P 500 re-entered positive territory for the year as information technology shares led the index’s advance.
Top GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
|Advancing GovCon Index Issues||29|
|Declining GovCon Index Issues||1|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 055.01||+17.96||+0.88%|
|Dow Jones Industrial Average||17, 633.11||+97.72||+0.56%|