Denver — The Dow Jones industrial average fell 94 points, or 0.9%, for the report period ended Feb. 27 to close at 10,636.88, while the Nasdaq plunged 4.8% to 2,207.82, its lowest point in two years. The lacklustre performance is being blamed on the fact that an anticipated interest rate cut by the U.S. Federal Reserve failed to materialize.
Spot gold on the Comex division of the New York Mercantile Exchange jumped to US$267.40 from 16-month lows, putting a charge into most mining issues. AngloGold led the way, climbing $3.20 to US$17.01. Newmont Mining traded more than 14 million shares on the New York Stock Exchange, jumping $2.36 to US$17.17. Homestake Mining gained 99 to US$5.77, while Nasdaq-listed Gold Fields was up 76 to US$4.38. Harmony Gold Mining leapt $1.44 to US$5.56, while Meridian Gold posted a new high of US$7.38, up $1.43. Glamis Gold showed a more modest gain, up 29 to US$1.77.
Freeport-McMoRan Copper & Gold responded to gold’s rise, though Comex copper slumped to US80 per lb. Class A and B shares advanced $1.62 and $1.99 to US$12.75 and US$14, respectively. Phelps Dodge gained $2.08 to close at US$45.99, while BHP picked up $1.65 to close at US$21.90. Southern Peru Copper slipped 55 to US$14.25.
Apex Silver Mines also responded, jumping $1.61 to US$9.86, despite the fact that silver slid below US$4.50 per oz. Coeur d’Alene Mines added 29 to US$1.54. Peru’s precious metals miner Compania de Minas Buenaventura rose 73 to US$16.33.
Nasdaq-listed De Beers Consolidated Mines slipped back 11 to US$42.64, while platinum-miner Stillwater Mining advanced 60 to US$33.80.
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