The GovCon Index carried its positive momentum from Friday’s rally with a gain of 1.531 percent to 70.355 Tuesday — its first close above 70 in two days — on a bounce in confidence from investors that some equities may have been oversold.
Gains among consumer, industrial and financial shares helped drive the S&P 500 composite index up 1.65 percent despite another decline in crude oil prices.
Oil reversed into a decline after Russia and Saudi Arabia failed to reach a pact on a supply cut but traders drew some hope from any discussions having taken place, according to Reuters.
Crude futures in New York fell 1.36 percent to $29.04 a barrel and brent in London posted a nominal 33-cent decline to $32.25 a barrel.
Reuters reports investors have the most cash in hand at any point since November 2001 and that could be a precursor to a new round of buying.
Top GovCon Index Gainers
| Symbol | Company | $ Current Price | Net Change | % Change |
|---|---|---|---|---|
| NAV | Navistar International | 8.15 | +0.65 | +8.67% |
| CUB | Cubic Corp. | 34.11 | +2.52 | +7.98% |
| EGL | Engility Holdings | 12.28 | +0.49 | +4.16% |
| BA | Boeing* | 112.60 | +3.97 | +3.65% |
| LDOS | Leidos Holdings | 43.22 | +1.29 | +3.08% |
*Also listed in the S&P 500 composite index
Market Summary
| Advancing GovCon Index Issues | 27 |
| Declining GovCon Index Issues | 3 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 70.355 | +1.061 | +1.531% |
| S&P 500 | 1, 895.58 | +30.80 | +1.65% |
| Dow Jones Industrial Average | 16, 196.41 | +222.57 | +1.39% |
| NASDAQ | 4, 435.96 | +98.44 | +2.27% |
