The GovCon Index hit choppy trade in the late afternoon session Wednesday and closed at a narrow loss of 0.094 points to 78.850 as investors examined the Federal Reserve‘s latest policy statement that left current interest rates unchanged.
Central bank leaders held the federal funds rate at between one-quarter and one-half percent on concerns over a potential slowdown in employment growth and reiterated a forecast of two increases this year to a target of 0.9 percent by the end of the year.
Fed Chair Janet Yellen said in a subsequent press conference Wednesday the central bank also is looking at Britain’s referendum on whether to stay or leave the European Union as one with potential consequences for the U.S. economy.
Futures markets have priced in 44-percent odds of a rate hike by December, according to a CNBC report.
The U.S. stock market’s benchmark S&P 500 composite index descended into negative territory during the final half-hour of trade as investors also showed some concern over what the so-called “Brexit” vote would mean for the global economy.
Top GovCon Index Net Gainers
|Symbol||Company||$ Current Price||Net Change ▴||% Change|
|HII||Huntington Ingalls Industries||159.76||+0.47||+0.30%|
Top GovCon Index Percentage Gainers
|Symbol||Company||$ Current Price||Net Change||% Change ▴|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||14|
|Declining GovCon Index Issues||16|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 071.50||-3.82||-0.18%|
|Dow Jones Industrial Average||17, 640.17||-34.65||-0.20%|