January 15 Market Close: GovCon Index Stumbles to 3-Month Low as US Oil Futures Settle Below $30

The GovCon Index closed at a new three-month low for the second time in three days Friday with a loss of 1.218 percent to 72.118 as investors reacted to further declines in oil prices and new economic data points that fell below the consensus analyst outlook.

Pharmaceutical services provider McKesson Corp. (NYSE: MCK) was the Index’s lone gainer at 22 cents to $165 and was third in volume at 3.35 million shares traded.

The Index has declined 5.6 percent since the start of 2016 and is down 7.97 percent from its most recent high on Dec. 1.

The S&P 500 composite index tumbled 2.16 percent to close below 1, 900 for the second time in three days and has ended lower than 2, 000 for eight straight trading days.

Crude oil futures in New York plunged 5.71 percent to $29.42 a barrel, which CNBC reported marks the U.S. benchmark’s first settle below $30 for the first time in 12 years.

Traders showed continued over a potential global economic slowdown centered in China and December declines in economic data such as the Producer Price Index and industrial production, according to CNBC.

Market Summary