The Dow Jones industrial average broke through the 11,000 level one month after surpassing 10,000, but could not hold its position. It ended the April 26-May 4 report period up 54.4 points, or 0.5%, at 10,886.11.
Mining issues moved ahead as gold and copper held steady on the Comex division on the New York Mercantile Exchange. Phelps Dodge, listed on the New York Stock Exchange, continued its rise, gaining $4.69 to close at US$65.25. Its shares climbed nearly US$15 over the past three weeks as the price of copper advanced to 72 cents per lb.
Class A and B shares of Freeport-McMoRan Copper & Gold jumped $3.25 and $2.94 to close at US$15.69 and US$16.38, respectively.
Australia’s Broken Hill Proprietary gained $2.12 to close at US$23.31, as the company began a scheduled 45-day shutdown at the San Manuel smelter in Arizona.
Asarco was up $2.94 to close at US$18.56, while Southern Peru Copper gained 56 cents to close at US$13.25. Cyprus Amax Minerals rose $1.63 to US$15.19.
Newmont Mining led gold issues with a gain of $1.88 to close at US$23.88 as the yellow metal rose to US$285.90 per oz. Buenaventura, Newmont’s partner at the Yanacocha mine in Peru, jumped $1.81 to close at US$16.50.
South Africa’s Anglogold picked up $1.87 to close at US$23.31. Rio Tinto tacked on 75 cents to close at US$67.69.
American Stock Exchange-listed Getchell Gold added $1.37 to close at US$34.25. New York-listed Homestake Mining gained 56 cents on heavy trading to close at US$9.44.
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