The GovCon Index suffered its largest percentage drop in two months Thursday at 0.987 percent — or -0.738 points — to 74.031 with satellite services provider Intelsat (NYSE: I) and rocket maker Orbital ATK (NYSE: OA) the only GCI stocks to close in positive at 3.23 percent and 4 cents, respectively.
Maximus (NYSE: MMS) was the Index’s largest decliner at 7.91 percent to $47.88 after Avondale Partners lowered the Reston, Virginia-based government services contractor’s target price from $65.00 to $58.00 in a research note to investors.
U.S. investors entered a selloff and looked to gold and currency as safe havens in reaction to worries by Federal Reserve officials in their March meeting over risks to the American economy from global events and the potential of a worldwide growth outlook cut by the International Monetary Fund, Bloomberg reported.
Market Summary
| Advancing GovCon Index Issues | 2 |
| Declining GovCon Index Issues | 28 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 74.031 | -0.738 | -0.987% |
| S&P 500 | 2, 041.91 | -24.75 | -1.20% |
| Dow Jones Industrial Average | 17, 541.96 | -174.09 | -0.98% |
| NASDAQ | 4, 848.37 | -72.35 | -1.47% |
