The GovCon Index tumbled for a third consecutive session Tuesday at 0.294 points to 73.895 as U.S. investors weighed new economic data that showed mixed pictures for the domestic economy and remarks from International Monetary Fund leader Christine Lagarde that a global recovery is surrounded by political risk and instability.
Chantilly, Virginia-based government services contractor Engility Holdings (NYSE: EGL) gained 2.73 percent to continue that stock’s gradual recovery from its steep Jan. 21 decline of nearly half the share price on lower earnings and revenue guidance for 2016.
Shares in Engility have climbed 19.47 percent from Jan. 21 — when it plunged 47.84 percent — and are down 43.41 percent year-to-date.
The S&P 500 composite index fell into negative territory for the year with a 1.01 percent decline.
Lagarde told Bloomberg TV the IMF has cut its optimism over the worldwide economic picture due to situations such as potential slowdown in China, declines in commodities such as oil, terrorism and the potential for countries to tighten monetary policy.
Durable good orders declined in February and services industries showed growth for the month, 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||8|
|Declining GovCon Index Issues||22|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 045.17||-20.96||-1.01%|
|Dow Jones Industrial Average||17, 603.46||-133.54||-0.75%|