Author: Ross Wilkers|| Date Published: February 16, 2016
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.
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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.
