Author: Ross Wilkers|| Date Published: March 1, 2016
The GovCon Index started March with a surge of 1.09 percent to 72.922 in activity that reflected larger gains in U.S. markets spurred by a climb in oil prices and a new manufacturing report that exceeded economists’ expectations.
The Index has held above 72 points for three consecutive closes and four of the last six after 13 straight days below that barrier.
The S&P 500 composite index added 2.39 percent on contributions from Apple, which hit the 4-percent gain mark in afternoon trade, and advances by financial shares at 3 percent up to lead all sectors.
U.S. stock traders were in buy mode Monday as crude oil futures in New York reversed earlier losses to settle up 1.93 percent to $34.40 a barrel and the latest ISM manufacturing report showed a 49.5 reading to top economists’ forecast by 1 point and January’s 48.2 number, according to CNBC.
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The GovCon Index started March with a surge of 1.09 percent to 72.922 in activity that reflected larger gains in U.S. markets spurred by a climb in oil prices and a new manufacturing report that exceeded economists’ expectations.
