June 15 Market Close: GovCon Index, US Stocks Choppy as Fed Holds Line on Interest Rates

The GovCon Index hit choppy trade in the late afternoon session Wednesday and closed at a narrow loss of 0.094 points to 78.850 as investors examined the Federal Reserve‘s latest policy statement that left current interest rates unchanged.

Central bank leaders held the federal funds rate at between one-quarter and one-half percent on concerns over a potential slowdown in employment growth and reiterated a forecast of two increases this year to a target of 0.9 percent by the end of the year.

Fed Chair Janet Yellen said in a subsequent press conference Wednesday the central bank also is looking at Britain’s referendum on whether to stay or leave the European Union as one with potential consequences for the U.S. economy.

Futures markets have priced in 44-percent odds of a rate hike by December, according to a CNBC report.

The U.S. stock market’s benchmark S&P 500 composite index descended into negative territory during the final half-hour of trade as investors also showed some concern over what the so-called “Brexit” vote would mean for the global economy.

Top GovCon Index Net Gainers

Symbol	Company	$ Current Price	Net Change –´	% Change
GD	General Dynamics*	140.11	+0.68	+0.49%
TXT	Textron*	38.08	+0.51	+1.36%
HII	Huntington Ingalls Industries	159.76	+0.47	+0.30%
NAV	Navistar International	11.93	+0.46	+4.01%
NOC	Northrop Grumman*	217.19	+0.28	+0.13%