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March 30 Market Close: GovCon Index Rally Extends to 3rd Day, US Markets Eye Slower Rate Hike Pace

GovConIndexUPThe GovCon Index extended its stretch of positive movement into a third full trading session Wednesday with a gain of 0.204 points to 74.334 as U.S. investors continued to gauge Tuesday’s comments from Federal Reserve Chair Janet Yellen on a potentially slower interest rate hike path for the central bank.

Falls Church, Virginia-based CSRA (NYSE: CSRA) rose 2.37 percent to $27.19 after Zack’s Investment Research upgraded the company’s shares from “hold” to “buy” in a note to investors.

Zack’s currently has the price objective for CSRA at $30 per share.

According to Bloomberg, futures traders have priced in near-zero percent odds of a rate increase at the Fed’s April meeting and 47 percent for a hike by November on Yellen’s speech that indicated the central bank seeks a “cautious” approach to monetary policy in light of a slowing global economy.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
CSRA CSRA* 27.19 +0.63 +2.47%
OA Orbital ATK 87.77 +1.56 +1.81%
GIB CGI Group 47.64 +0.59 +1.25%
RTN Raytheon* 123.76 +2.05 +1.07%
NOC Northrop Grumman * 198.73 +2.05 +1.04%

* Also listed on the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 20
Declining GovCon Index Issues 9
Unchanged GovCon Index Issues 1
Index Value Net Change % Change
GovCon Index 74.334 +0.204 +0.275%
S&P 500 2, 063.95 +8.94 +0.44%
Dow Jones Industrial Average 17, 716.66 +83.55 +0.47%
NASDAQ 4, 869.29 +22.67 +0.47%
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