Author: Ross Wilkers|| Date Published: January 20, 2016
The GovCon Index mirrored wild volatility in U.S. markets Wednesday to close at a decline of 0.703 points to 71.438 with an attempt to recover from steep and rapid declines during morning and mid-afternoon trade.
The Index showed a 3.5 percent decline at around 12 p.m. ET and fell further to a 4.5-percent loss shortly before 1 p.m., which reflected a similar plunge by the S&P 500 composite index at 4 percent then to barely stay above 1, 800.
Wednesday’s close puts the Index at a 9.15-percent fall from its most recent high on Dec. 1 to put it barely short of a correction, or 10 percent down from its most recent high at the close.
U.S. stocks more than halved their losses in the final hour of trade with the S&P 500 ended at a decline of 1.17 percent on a rally from a plunge driven by further declines in U.S. crude oil futures, which settled down 6.7 percent to $26.55.
Markets in the U.S. were on pace at one point to show the largest one-day selloff in five months and global equities had lost more than $15 trillion in value, Bloomberg reported.
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The GovCon Index mirrored wild volatility in U.S. markets Wednesday to close at a decline of 0.703 points to 71.438 with an attempt to recover from steep and rapid declines during morning and mid-afternoon trade.
