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March 7 Market Close: GovCon Index Posts Decline, US Stocks Mixed on Tech Losses

GovConIndexDOWNThe GovCon Index failed to hold onto positive momentum from a midday spike barely above the gain line Monday and ended at a decline of 0.573 points to 73.385 in a mixed day for U.S. financial markets.

Declines among defense product and platform manufacturers in the Index lagged compared to services-oriented companies that led gainers.

Intelsat (NYSE: I) surged 15.58 percent after the satellite services provider said it reached an agreement for broadband communications company Gogo to act as anchor tenant for the former company’s Epic network.

Navistar International (NYSE: NAV) climbed 5.66 percent and is up 26.86 percent over three days since its CEO told Reuters the industrial and military truck manufacturer would consider more partnerships with other industry members.

The S&P 500 composite index ended at a nominal gain of 1.77 points to go above the psychological 2, 000-point mark as advances by energy shares were offset by losses in technology stocks at a rate of more than 1 percent.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
I Intelsat 2.30 0.31 +15.58%
NAV Navistar International 11.76 0.63 +5.66%
CUB Cubic Corp. 38.00 1.43 +3.91%
BA Boeing* 122.90 1.83 +1.51%
CSRA CSRA* 26.20 0.38 +1.47%

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 13
Declining GovCon Index Issues 17
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 73.385 -0.573 -0.335%
S&P 500 2, 001.76 +1.77 +0.09%
Dow Jones Industrial Average 17, 073.95 +67.18 +0.40%
NASDAQ 4, 708.25 -8.77 -0.19%

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