Wait, don't miss out on the latest GovCon industry news!

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings

*By clicking "Join us now" you agree to receive email, promotions and general messages from GovCon Wire, In addition, you also agree to GovCon Wire Privacy Policy and Terms & Conditions.

X Remind me Later

March 4 Market Close: GovCon Index Up on Jobs Data, Engility & Navistar Extend Rallies

GovConIndexUPThe GovCon Index posted a modest gain of 0.247 points to 73.958 Friday on a new Labor Department jobs report that investors believe does not indicate further interest rate hikes at the moment.

Friday’s positive close puts the Index at a gain of 2.082 percent for the week to record its third consecutive five-day period in positive movement.

The S&P 500 composite index posted a gain for the fourth consecutive week and closed one-hundredth of a point shy of the 2, 000-point mark Friday investors use as a gauge to measure overall U.S. financial market health.

Index stock Engility Holdings (NYSE: EGL) surged 8.22 percent a day after the Chantilly, Virginia-based government services contractor posted full-year revenue that met analyst expectations and fourth quarter sales that exceeded Wall Street’s outlook despite net losses for both time frames.

Engility’s Friday gain narrows the stock price’s respective year-to-date and 12-month declines to 46.92  and 51.4 percent, while the 52-week range is $11.46-$37.97.

Heavy truck manufacturer Navistar International (NYSE: NAV) rose 2.68 percent and is up 20.06 percent over two days since its CEO told Reuters he is open to more partnerships or potential deals as means to continue on the company’s turnaround.

Navistar’s stock is up 25.51 percent since the start of the year and down 61.38 percent over 12 months with the 52-week range at $5.78-$31.28.

Stocks rose after DOL said U.S. businesses added 242, 000 jobs in February to top economists’ expectations by 52, 000 but lower wages and hours tempered traders’ expectations for a rate increase at the Federal Reserve‘s March 15-16 meeting, Reuters reported.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
EGL Engility Holdings 17.24 1.31 8.22%
I Intelsat 1.99 0.10 5.29%
MANT ManTech International 30.23 1.01 3.46%
NAV Navistar International 11.13 0.29 2.68%
BAH Booz Allen Hamilton 29.10 0.52 1.82%

Market Summary

Advancing GovCon Index Issues 23
Declining GovCon Index Issues 7
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 73.958 +0.247 +0.335%
S&P 500 1, 999.99 +6.59 +0.33%
Dow Jones Industrial Average 17, 006.77 +62.87 +0.37%
NASDAQ 4, 717.02 +9.60 +0.20%
GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Financial Report

Related Articles