Wall Street gains, May 11-15

China cut interest rates for the third time in six months to shore up its economy, just as  weaker-than-expected industrial production, retail sales and consumer sentiment in the U.S. cast a pall over the economy and hinted that the Federal Reserve would delay raising interest rates. The U.S. dollar hit a more than three-month low, sending gold up 3% at US$1,223.50 per oz. The Dow Jones Industrial Average edged up 0.5% to 18,272.56, the S&P 500 Index rose 0.3% to 2,122.73 and the Philadelphia Gold & Silver Index jumped 3.7% to 75.12.

Shares of Mosaic advanced US$1.16 to US$46.62. The company’s board approved a US$1.5-billion share repurchase plan over the next two to three years, depending on market conditions. Mosaic expects an accelerated US$500-million share repurchase agreement before the end of September. The board declared a US2.7¢-per-share quarterly dividend, in an increase from the previous US2.5¢ dividend.

Mosaic also announced that its executive vice-president of operations and chief operating officer “Joc” C. O’Rourke would succeed James T. Prokopanko as president and CEO in August.

McEwen Mining climbed 12% to US$1.11 per share. The company reported US$1.9 million in first-quarter adjusted net income, or US1¢ per share. (Adjusted net income removes the impact of foreign currency gains and income tax recoveries after the Argentine peso’s devaluation to the U.S. dollar.) In last year’s first quarter, the adjusted net loss was US$6.2 million, or US2¢ per share. Gold-equivalent production totalled 33,434 oz. at cash costs and all-in sustaining costs of US$674 and US$949 per oz. The company has US$17.3 million in cash and equivalents, and no bank debt.

Vale’s shares fell US51¢ to US$7.12. The Brazilian miner announced a US$3-billion syndicated revolving credit facility, which will be available for five years. The revolving credit line was arranged by a syndicate of 24 global banks, and will replace the US$3-billion line of credit that was signed in 2011. Vale’s total available amount in revolving credit facilities is US$5 billion, owing to a previous US$2-billion agreement.