The GovCon Index extended its stretch of positive movement into a third full trading session Wednesday with a gain of 0.204 points to 74.334 as U.S. investors continued to gauge Tuesday’s comments from Federal Reserve Chair Janet Yellen on a potentially slower interest rate hike path for the central bank.
Falls Church, Virginia-based CSRA (NYSE: CSRA) rose 2.37 percent to $27.19 after Zack’s Investment Research upgraded the company’s shares from “hold” to “buy” in a note to investors.
Zack’s currently has the price objective for CSRA at $30 per share.
According to Bloomberg, futures traders have priced in near-zero percent odds of a rate increase at the Fed’s April meeting and 47 percent for a hike by November on Yellen’s speech that indicated the central bank seeks a “cautious” approach to monetary policy in light of a slowing global economy.
Top GovCon Index Gainers
| Symbol | Company | $ Current Price | Net Change | % Change |
|---|---|---|---|---|
| CSRA | CSRA* | 27.19 | +0.63 | +2.47% |
| OA | Orbital ATK | 87.77 | +1.56 | +1.81% |
| GIB | CGI Group | 47.64 | +0.59 | +1.25% |
| RTN | Raytheon* | 123.76 | +2.05 | +1.07% |
| NOC | Northrop Grumman * | 198.73 | +2.05 | +1.04% |
* Also listed on the S&P 500 composite index
Market Summary
| Advancing GovCon Index Issues | 20 |
| Declining GovCon Index Issues | 9 |
| Unchanged GovCon Index Issues | 1 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 74.334 | +0.204 | +0.275% |
| S&P 500 | 2, 063.95 | +8.94 | +0.44% |
| Dow Jones Industrial Average | 17, 716.66 | +83.55 | +0.47% |
| NASDAQ | 4, 869.29 | +22.67 | +0.47% |
