Author: Ross Wilkers|| Date Published: February 5, 2016
The GovCon Index tumbled back into a correction Friday at a decline of 1.349 percent to 70.204 as U.S. investors reacted to the latest jobs report with a view toward whether the Federal Reserve would raise interest rates again this year.
For the week, the Index posted a decline of 2.15 percent driven by continued volatility in U.S. financial markets and mixed earnings reports from some listed companies focused on government services.
New quarterly earnings figures from technology stocks spurred a selloff in U.S. markets Friday with the NASDAQ composite index down 3 percent at the closing bell.
The S&P 500 composite index tumbled 2 percent and the U.S. dollar strengthened after the Labor Department said nonfarm payrolls added 151, 000 jobs in January and the unemployment rate fell to an eight-year low of 4.9 percent, according to Bloomberg.
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The GovCon Index tumbled back into a correction Friday at a decline of 1.349 percent to 70.204 as U.S. investors reacted to the latest jobs report with a view toward whether the Federal Reserve would raise interest rates again this year.
