Why Is Parsons Stock Gaining Tuesday?

Parsons Corporation (NYSE: PSN) stock rose 0.92% on Tuesday after securing design and construction oversight contracts for the $1.1-1.4 billion John A. Blatnik Bridge replacement project between Minnesota and Wisconsin. The stock outperformed the broader market as the Nasdaq declined 1.32% and the S&P 500 lost 0.37%, benefiting from strength in the industrial sector which gained 1.13%. However, the stock remains down 19.07% over the past 12 months and trades below its 200-day moving average.