April 18 Market Close: GovCon Index, US Stocks Shake Off AM Losses

GovConIndexUPThe GovCon Index bounced back from its early morning decline at the open to close at a gain of 0.522 points to 76.214 as both stock and commodities markets seemed to move past news that major oil suppliers did not agree on a production freeze at their Doha meeting over the weekend.

The Index opened nearly one-quarter percent down in the first 10 minutes of trade and slowly climbed in tandem with the S&P 500 composite index after New York Federal Reserve President William Dudley said the central bank will be cautious about potential interest rate hikes, according to Reuters.

Arlington, Va.-based federal services contractor CACI International (NYSE: CACI) led all GCI gainers in both numerical and percentage change at $2.34 and 2.2 percent, while New York-based defense technology maker L-3 Communications (NYSE: LLL) rose $2.00 and 1.66 percent to finish second and fourth in both categories, respectively.

Crude oil futures in New York fell 1.4 percent to $39.81 a barrel and pared losses from an earlier decline of as much as 6.8 percent no deal was made in Doha as Kuwait’s national oil company said it would take emergency measures upon the first day of a labor strike there, Bloomberg reported.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
CACI CACI International 108.49 +2.34 +2.20%
MANT ManTech International 32.06 +0.68 +2.17%
VEC Vectrus 22.67 +0.41 +1.84%
LLL L-3 Communications* 122.50 +2.00 +1.66%
GD General Dynamics* 136.29 +1.48 +1.10%

* Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 24
Declining GovCon Index Issues 1
Unchanged GovCon Index Issues 5
Index Value Net Change % Change
GovCon Index 76.214 +0.522 +0.690%
S&P 500 2, 094.34 +13.61 +0.65%
Dow Jones Industrial Average 18, 004.16 +106.70 +0.60%
NASDAQ 4, 960.02 +21.80 +0.44%

Check Also

KBR

KBR Wins Potential $93M Navy Combat Integration System Support IDIQ

KBR’s (NYSE: KBR) government services business has won a potential five-year, $92.6M contract to engineer and produce datalink systems and associated platforms for the U.S. Navy’s combat operations.

DLA

DLA Awards Logistics Modernization Integration Support IDIQs to Advantaged Solutions, United Defense International

Advantaged Solutions and United Defense International have each received a potential five-year, $265M contract from the Defense Logistics Agency for logistics modernization integration support.