Author: Ross Wilkers|| Date Published: April 15, 2016
The GovCon Index held against larger trends in U.S. financial markets Friday with a gain of 0.386 points to 75.692 as declines by energy and technology shares weighed on the bellwether S&P 500 composite index.
Nine of the GCI’s 11 S&P 500-listed companies posted gains with McKesson (NYSE: MCK) as that group’s largest positive point- and percentage-mover by $4.18 and 2.48 percent, while Textron (NYSE: TXT) and Harris Corp. (NYSE: HRS) were that group’s two decliners.
Friday’s close represents the GovCon Index’s second positive week in the last three, as well as third in the most recent four.
Energy shares fell at least 1 percent as traders anticipated a Sunday meeting in Qatar, where the world’s largest oil producers will discuss a potential output freeze to limit a global supply glut, according to CNBC.
The major U.S. and global oil price benchmarks have plummeted nearly one-third each over 12 months on trader speculation of an over-supplied market.
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The GovCon Index held against larger trends in U.S. financial markets Friday with a gain of 0.386 points to 75.692 as declines by energy and technology shares weighed on the bellwether S&P 500 composite index.
