Defense stocks spiked lower Thursday afternoon amid reports that the U.S. Department of Defense is seeking to cut spending.
“The Pentagon will request about $51 billion in war funding for the fiscal year starting Oct. 1, a 20 percent reduction from the $64 billion Congress approved this year and the least since the Sept. 11 terrorist attacks, officials and congressional aides” told Bloomberg.
Despite the news, defense stocks maintained gains from earlier in the day and with many up 1 to 2 percent by 2PM EST Thursday.
Some of the names holding on to gains included:
Raytheon Company RTN
Northrop Grumman Corporation NOC
General Dynamics Corporation GD
Honeywell International Inc. HON
United Technologies Corporation UTX
Lockheed Martin Corporation LMT
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