May 16 Market Close: GovCon Index Posts 1% Gain as Markets Welcome Buffett’s Apple Stake

GovConIndexUPThe GovCon Index posted its second gain of more than a full point in three weeks Monday to close up 1.052 points — or 1.366 percent — to 78.090.

Contractor stocks rode the wave of positivity in U.S. markets after Warren Buffett’s Berkshire Hathaway investment arm disclosed its now-$1 billion stake in Apple as of the first quarter’s end.

McKesson (NYSE: MCK) was the GCI’s largest gainer at $6.60 — or 3.98 percent — after the pharmaceutical services company announced an expanded generic drug supply partnership with Wal-Mart.

All 11 of the GovCon Index’s S&P 500-listed companies, which include McKesson, closed higher.

Booz Allen Hamilton (NYSE: BAH) will report its full-year and fourth-quarter financial results before markets open Wednesday.

Crude oil futures in New York settled up 2.8 percent to $47.49 a barrel while the global brent benchmark in London also ended 2.8 percent higher to $48.93.

Top GovCon Index Net Gainers

SymbolCompany$ Current PriceNet Change ▴% Change
MCKMcKesson Corp.*172.53+6.60+3.98%
HIIHuntington Ingalls Industries154.27+2.03+1.33%
NOCNorthrop Grumman*215.73+1.75+0.82%
LLLL-3 Communications*136.25+1.74+1.29%

*Also listed in the S&P 500 composite index

Top GovCon Index Percentage Gainers

SymbolCompany$ Current PriceNet Change% Change ▴
MCKMcKesson Corp.*172.53+6.60+3.98%
NAVNavistar International11.55+0.28+2.48%
MANTManTech International35.13+0.75+2.18%

Market Summary

Advancing GovCon Index Issues29
Declining GovCon Index Issues1
Unchanged GovCon Index Issues0
IndexValueNet Change% Change
GovCon Index78.322+0.963+1.245%
S&P 5002, 066.66+20.05+0.98%
Dow Jones Industrial Average17, 710.71+175.39+1.00%
NASDAQ4, 775.46+57.78+1.22%
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