The U. S. government may have passed the US$700-billion bailout package into law on Friday, Oct. 3, but that hasn’t erased fears that it will take a long time to thaw frozen credit and get the economy moving again. The Dow Jones Industrial Average reflected that panic on Monday, Oct. 6, when at one point during the day it plunged 800 points. There is still too little clarity as to how the government will proceed with the purchase of troubled assets from banks and financial companies, how much the bailout will actually help, or when the first Treasury purchases will begin.
During the current Sept. 30-Oct. 6 trading session, the Dow Jones Industrial Average plummeted 895.16 points, or 8.99%, to 9,955.5 points, while the Standard and Poor’s 500 Index dropped 109.47 points, or 10.35%, to 1,056.89. The Nasdaq Composite Index fell 228.92 points, or 12.28%, to 1,862,96.
Gold has not been immune to the downturn. The Amex Gold Bugs Index slid 61.75 points or 24.45% to close at 252.49 points. The Philadelphia Gold and Silver Index slumped 25.98 points or 24.68% to close at 105.23. The price of gold sank US$14.70 per oz. during the session, falling from US$870 per oz. to US$855.30.
Freeport-McMoRan Copper & Gold plunged US$9.25 to close at US$43.71 per share. Barrick Gold dived US$7.35 to close at US$30.10 and Goldcorp sank US$7.55 to US$24.65.
Majors like Rio Tinto, BHP Billiton and Vale all took hits. Rio dropped US$52.20 to US$202.04 per share; BHP fell US$8.36 to US$42.99; and Vale slid US$4.15 to US$14.46.
Potash companies took a double whammy after Merrill Lynch downgraded their ratings from a “buy” to an “underperform.” PotashCorp. of Saskatchewan collapsed, falling US$41.13 to close the trading session at US$86.91 per share. Mosaic Co. sank US$30.35 to US$37.16 and Agrium dropped US$15.51 to close at US$39.39.
Iron ore producer Cleveland-Cliffs lost US$11.35 to close at US$36.43 per share.
Coal and other energy stocks were not as hard-hit, butalso dropped sharply. Alpha Natural Resourcestumbled US$9.07 to US$38.62 per share, while Patriot Coal fell US$8.80 to US$18.05 per share.
U. S. most active issues | ||||
VOLUME | WEEK | |||
(000s) HIGH | LOW | CLOSE | CHANGE | |
Vale* RIO | 252775 18.00 | 11.86 | 14.46 | -4.15 |
PotashCSask* POT | 113948109.10 | 76.86 | 86.91 | -41.13 |
Mosaic* MOS | 101511 52.59 | 31.43 | 37.16 | -30.35 |
Alcoa* AA | 81236 21.18 | 16.70 | 18.11 | -3.16 |
Freeport McMo*FCX | 77848 51.25 | 37.34 | 43.71 | -9.25 |
Quest M&M* QMNM71235 | 0.01 | 1.0E8 | 0.00 | 0.00 |
Barrick Gold* ABX | 70333 36.00 | 28.07 | 30.01 | -7.35 |
Goldcorp* GG | 63926 31.45 | 22.66 | 24.65 | -7.55 |
Peabody Enrgy* BTU | 44553 40.00 | 30.41 | 35.11 | -5.94 |
CoeurdAlene*CDE | 39900 1.49 | 1.03 | 1.28 | -0.20 |
U. S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Aspire Intl* | APIT | 128 | 0.23 | 0.17 | 0.22 | + 15.7 |
Silver Res* | SLVV | 33 | 0.29 | 0.28 | 0.28 | + 7.6 |
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
0 | 0.00 | 0.00 | 0.00 | 0.0 | ||
Global Gold* | GBGD | 81 | 0.45 | 0.10 | 0.12 | -65.7 |
Campbell Res* | CBLRF | 391 | 0.02 | 0.01 | 0.01 | -50.0 |
Colombia Gldf* | CGDF | 137 | 0.19 | 0.10 | 0.10 | -50.0 |
Mosaic* | MOS | 101511 | 52.59 | 31.43 | 37.16 | -44.9 |
Orezone Res* | OZN | 2951 | 0.45 | 0.23 | 0.25 | -44.4 |
Paramount Gld* | PZG | 408 | 0.65 | 0.36 | 0.36 | -43.7 |
Yellowcake Mg* | YCKM | 43 | 0.20 | 0.12 | 0.12 | -42.8 |
Evolving Gold* | EVOGF | 142 | 0.30 | 0.15 | 0.19 | -42.4 |
Midway Gold* | MDW | 71 | 0.92 | 0.55 | 0.55 | -40.2 |
Samex Mng* | SMXMF | 240 | 0.24 | 0.14 | 0.15 | -40.0 |
U. S. greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Aspire Intl* | APIT | 127752 | 0.22 | + 0.03 |
Silver Res* | SLVV | 32900 | 0.28 | + 0.02 |
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
0 | 0.00 | 0.00 | ||
Rio Tinto* | RTP | 2647205 | 202.04 | -52.20 |
Potash C Sask* | POT | 113948014 | 86.91 | -41.13 |
Mosaic* | MOS | 101510777 | 37.16 | -30.35 |
Agrium* | AGU | 6477600 | 39.39 | -15.51 |
Agnico-Eagle* | AEM | 22288620 | 43.82 | -12.02 |
Cleveland-Cli* | CLF | 25181597 | 36.43 | -11.35 |
Freeport McMo* | FCX | 77848066 | 43.71 | -9.25 |
Alpha Nat Res* | ANR | 15612856 | 38.62 | -9.07 |
Patriot Coal* | PCX | 2431400 | 18.05 | -8.80 |
BHP Billi-BHP* | BHP | 21184116 | 42.99 | -8.36 |
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