February 18 Market Close: GovCon Index Inches Up, Holds in Correction as US Stocks Decline

The GovCon Index barely held positive territory in a narrow final hour of trade Thursday to record a nominal gain of 0.041 points to 71.389 Thursday and remain in a correction for the seventh consecutive day, or 10 percent down from its most recent high on Dec. 1.

ManTech International (Nasdaq: MANT) rose 1.48 percent after the government and technology services contractor reported an increase in profit and earnings for 2015 and said it expects both figures to increase in 2016.

Northrop Grumman (NYSE: NOC) gained 1.38 percent and its stock is up 4.59 percent over two days driven by the Government Accountability Office‘s decision to uphold the company’s selection for the Air Force‘s Long Range Strike Bomber contract.

BAE Systems PLC, which trades over-the-counter in the U.S., climbed 1.39 percent after the British defense contractor said revenue and profit climbed in 2015 and projected both figures to go up in 2016 on increased cybersecurity activity at governments and businesses, as well as defense spending increases in the U.S. for this year and 2017.

Shares in BAE gained 1.14 percent on the London Stock Exchange.

Leidos Holdings (NYSE: LDOS) was the GovCon Index’s largest decliner at 4.61 percent.

U.S. stocks ended their three-day rally spurred by a rebound in oil prices and that streak ended after data showed U.S. crude inventories rose in January, according to Reuters.

Top GovCon Index Gainers

*Also listed in the S&P 500 composite index

Market Summary