Executive Mosaic’s GovCon Index hit a new all-time record close Tuesday on a strong performance from blue chip stock McKesson Corp. (NYSE: MCK) as U.S. equities also reached new highs for a third consecutive session Tuesday after Federal Reserve Chair Janet Yellen’s testimony to Senate lawmakers on Capitol Hill.
GovCon Index advancers outnumbered decliners by a 2-to-1 ratio as nine of its 11 S&P 500 companies closed green with co-listed McKesson the top net gainer in the GCI overall by more than $4.00 in conjunction with a 0.7-percent climb by the S&P healthcare index.
Military shipbuilder Huntington Ingalls Industries (NYSE: HII) and government services contractor Maximus (NYSE: MMS) added at least $1.00 each.
Five GCI stocks hit 52-week highs during the session: Huntington Ingalls, Raytheon (NYSE: RTN), Honeywell International (NYSE: HON), Harris Corp. (NYSE: HRS) and L3 Technologies (NYSE: LLL).
Raytheon closed as the GCI’s fourth-lowest performer in a volatile session for the weapons maker after the stock hit the 52-week benchmark at the open, while services contractors CACI International (NYSE: CACI) and ManTech International (Nasdaq: MANT) ended as the Index’s two largest net decliners.
Apple’s spike to a 52-week high and a 1.2-percent surge in financial shares lifted the U.S. stock bellwether S&P 500 to its 15th record-high close since Donald Trump’s Nov. 8 presidential election win versus the GovCon Index’s respective mark of 11.
Yellen told Senate Banking Committee members a delay in interest rate increases with three planned by the Fed this year could force a quicker pace of hikes later on and potentially help cause another recession, Reuters reported.
Financials led four major S&P sectors higher with utilities the largest laggard among the remaining seven.
Market Summary
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 91.400 | +0.286 | +0.314% |
| S&P 500 | 2,337.58 | +9.33 | +0.40% |
| Dow Jones Industrial Average | 20,504.41 | +92.25 | +0.45% |
| NASDAQ | 5,782.57 | +18.62 | +0.32% |
| Advancing GovCon Index Issues | 21 |
| Declining GovCon Index Issues | 8 |
| Unchanged GovCon Index Issues | 1 |
Top GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| MCK | McKesson Corp. * | 145.20 | +4.71 | +3.35% |
| HII | Huntington Ingalls Industries | 202.59 | +1.40 | +0.70% |
| MMS | Maximus | 59.18 | +1.15 | +1.98% |
| HRS | Harris Corp. * | 107.94 | +0.93 | +0.87% |
| ICFI | ICF | 51.15 | +0.75 | +1.49% |
Top GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| MCK | McKesson Corp. * | 145.20 | +4.71 | +3.35% |
| MMS | Maximus | 59.18 | +1.15 | +1.98% |
| ICFI | ICF | 51.15 | +0.75 | +1.49% |
| ACM | AECOM | 38.34 | +0.43 | +1.13% |
| CAE | CAE | 14.54 | +0.14 | +0.97% |
Lowest GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –¾ | % Change |
|---|---|---|---|---|
| CACI | CACI International | 125.10 | -1.25 | -0.99% |
| MANT | ManTech International | 38.84 | -0.80 | -2.02% |
| BAESY | BAE Systems | 30.38 | -0.72 | -2.32% |
| CSRA | CSRA * | 29.99 | -0.66 | -2.15% |
| RTN | Raytheon * | 151.35 | -0.50 | -0.33% |
Lowest GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –¾ |
|---|---|---|---|---|
| BAESY | BAE Systems | 30.38 | -0.72 | -2.32% |
| CSRA | CSRA * | 29.99 | -0.66 | -2.15% |
| MANT | ManTech International | 38.84 | -0.80 | -2.02% |
| CACI | CACI International | 125.10 | -1.25 | -0.99% |
| RTN | Raytheon * | 151.35 | -0.50 | -0.33% |
