The 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|
* Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||24|
|Declining GovCon Index Issues||1|
|Unchanged GovCon Index Issues||5|
|Index||Value||Net Change||% Change|
|S&P 500||2, 094.34||+13.61||+0.65%|
|Dow Jones Industrial Average||18, 004.16||+106.70||+0.60%|