Author: Ross Wilkers|| Date Published: January 8, 2016
The GovCon Index failed to hold momentum from a strong open Friday and closed at a decline of 1.181 percent to 73.739, which extends its current stretch of losses to three trading days.
For the week, the Index recorded a loss of 4.31 percent and is down 6.27 percent from its Dec. 1, 2015 close of 78.669, the most recent high.
The S&P 500 composite index — which contains 11 GCI stocks — ended Friday at a decline of 1.08 percent to officially join the Dow Jones Industrial Average and NASDAQ index in correction, territory or at least 10 percent off of its most recent 52-week intraday high.
USA Today reports this is the worst-ever start to a year for U.S. stocks and Friday’s tumble came despite data that showed U.S. businesses added 292, 000 jobs in December to soar past the consensus forecast of 200, 000 and unemployment held at 5 percent for a third straight month.
The U.S. stock market lost $1.3 trillion in total wealth so far in 2016, according to the report.
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The GovCon Index failed to hold momentum from a strong open Friday and closed at a decline of 1.181 percent to 73.739, which extends its current stretch of losses to three trading days.
