Author: Ross Wilkers|| Date Published: March 21, 2016
The GovCon Index posted its fourth consecutive gain Monday by a narrow 0.074 points to 75.415 in a reversal from a sharp fall in mid-morning trade as oil prices rose and both technology and biotech stocks helped the major U.S. indices hold in positive at the close.
Utility and material shares lagged on the S&P 500 composite index – which closed up a nominal 2.02 points — as U.S. investors also gauged the latest housing report that showed existing home sales fell 7.1 percent in February to an annual rate of 5.08 million units, which Reuters reported is the lowest level since November.
The S&P 500 traded nearly one-quarter percent lower after the report’s release and turned upward on gains in crude oil futures with the New York benchmark up 1.19 percent to $39.91 barrel for the April contract and up 38 cents to $41.52 a barrel for May delivery.
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The GovCon Index posted its fourth consecutive gain Monday by a narrow 0.074 points to 75.415 in a reversal from a sharp fall in mid-morning trade as oil prices rose and both technology and biotech stocks helped the major U.S. indices hold in positive at the close.
