Stocks continued their roller coaster ride during the Sept. 4-10 trading session as worries about a possible recession and a number of gloomy economic reports exacerbated fears that the problems in the subprime mortgage market were infecting the broader economy. Anxiety peaked on Friday with news that U.S. employers cut 4,000 jobs in August. It was the first time in four years that monthly hiring contracted, the Labour Department said.
In a closely watched speech on Sept. 11, U.S. Federal Reserve Chairman Ben Bernanke attempted to reassure financial markets that the Fed “stands ready to take additional actions as needed to provide liquidity and promote the orderly functioning of markets.” But his comments — transmitted via satellite to an international monetary conference in Cape Town, South Africa — kept Wall Street guessing as to whether the Fed is planning to cut interest rates at its policy meeting scheduled for Sept. 18.
Bernanke said the situation was being closely monitored, noting that the slump in residential construction had “directly reduced the annual rate of U.S. economic growth about three quarters of a percentage point on average over the past year and a half.” He also said that if current conditions continue in the mortgage markets, “demand for homes could weaken further, with possible implications for the broader economy.” Despite the housing market’s drag on the economy, however, the central bank chief said the economy will expand “at a moderate pace.”
The Standard & Poor’s 500 Index finished the period down 37.72 points at 1,451.700. The Dow Jones Industrial Average fell 321.01 points to 13,127.850.
The most actively traded stock was Companhia Vale do Rio Doce with 68.9 million shares trading hands. For the second week in a row, the company’s stock rose over a dollar — closing at US$50.40 per share, an increase of US$1.07. Aluminum giant Alcoa took the no. 2 spot in terms of volume with 57.9 million shares traded, but its stock tumbled US$2.48 to close at US$34.05 per share.
Among the best performers in terms of percentage change were precious metals companies such as Seabridge Gold, which jumped 31% or US$7.27 to close at US$30.69.
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Patriot Gold* | PGOL | 85 | 0.12 | 0.085 | 0.12 | + | 41.1 |
Homeland Pr M* | HPMEF | 25 | 0.20 | 0.12 | 0.18 | + | 38.4 |
Seabridge Gld* | SA | 4445 | 31.20 | 23.00 | 30.69 | + | 31.0 |
Diamond Discv* | DMDD | 314 | 0.01 | 0.008 | 0.009 | + | 28.5 |
DRDGOLD* | DROOY | 1852 | 7.42 | 5.45 | 6.95 | + | 24.3 |
Silverado* | SLGLF | 20372 | 0.091 | 0.068 | 0.086 | + | 22.8 |
Apolo Gold* | APLL | 455 | 0.045 | 0.035 | 0.044 | + | 22.2 |
Northern Orio* | NTO | 12995 | 6.09 | 4.73 | 5.76 | + | 21.5 |
US Antimony* | UAMY | 80 | 0.65 | 0.47 | 0.57 | + | 21.2 |
Fischer-W Gld* | FWGO | 132 | 0.05 | 0.045 | 0.047 | + | 20.5 |
Brookmount Ex* | BMXI | 183 | 0.055 | 0.028 | 0.03 | – | 25.0 |
Campbell Res* | CBLRF | 1225 | 0.145 | 0.115 | 0.12 | – | 17.2 |
Metalline Mng* | MMG | 229 | 2.90 | 2.45 | 2.47 | – | 14.8 |
Trend Mng* | TRDM | 314 | 0.05 | 0.035 | 0.04 | – | 14.8 |
Idaho Gen Mn* | GMO | 1857 | 6.70 | 5.55 | 5.59 | – | 14.2 |
AmMex Gold* | AMXG | 500 | 0.32 | 0.25 | 0.27 | – | 12.9 |
Entree Gold* | EGI | 297 | 2.52 | 2.06 | 2.14 | – | 12.6 |
Commerce Grp* | CGCO | 128 | 0.13 | 0.105 | 0.105 | – | 12.5 |
Anooraq Res* | ANO | 4433 | 3.35 | 2.70 | 2.77 | – | 12.3 |
Ivanhoe Mines* | IVN | 5090 | 11.38 | 9.35 | 9.89 | – | 11.4 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | |||
Rio Tinto* | RTP | 3491500 | 289.25 | + | 14.45 |
Seabridge Gld* | SA | 4444700 | 30.69 | + | 7.27 |
Randgold Res* | GOLD | 3981774 | 28.56 | + | 4.61 |
Barrick Gold* | ABX | 45807906 | 37.00 | + | 4.48 |
ASA (Bermuda)* | ASA | 404900 | 64.44 | + | 4.47 |
Agnico-Eagle* | AEM | 14630200 | 48.73 | + | 4.28 |
Silver Std Re* | SSRI | 5272404 | 33.39 | + | 4.18 |
Gold Mnrs ETF* | GDX | 10257778 | 40.94 | + | 3.29 |
StreetTr Gold* | GLD | 51287900 | 69.62 | + | 3.10 |
AngloGold Ash* | AU | 8536800 | 41.45 | + | 2.42 |
Soc Quim&M Ch* | SQM | 107700 | 151.25 | – | 8.14 |
Cleveland-Cli* | CLF | 5087800 | 71.97 | – | 4.30 |
Cabot Corp* | CBT | 2189800 | 37.39 | – | 2.95 |
Alcoa* | AA | 57964600 | 34.05 | – | 2.48 |
Teck Comin B* | TCK | 3198000 | 40.38 | – | 2.25 |
Yanzhou Coal* | YZC | 339400 | 86.44 | – | 1.82 |
OM Group* | OMG | 3134900 | 47.64 | – | 1.76 |
Ivanhoe Mines* | IVN | 5089800 | 9.89 | – | 1.28 |
Westmoreland* | WLB | 83000 | 19.51 | – | 1.18 |
Cameco Corp* | CCJ | 13450200 | 39.40 | – | 0.98 |
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
CVRD* | RIO | 68982 | 52.27 | 48.75 | 50.40 | + | 1.07 |
Alcoa* | AA | 57965 | 37.07 | 33.23 | 34.05 | – | 2.48 |
StreetTr Gold* | GLD | 51288 | 70.00 | 66.59 | 69.62 | + | 3.10 |
Newmont Mng* | NEM | 48131 | 44.79 | 41.93 | 43.83 | + | 1.67 |
Freeport McMo* | FCX | 47772 | 92.11 | 86.54 | 89.07 | + | 1.65 |
Barrick Gold* | ABX | 45808 | 37.34 | 32.52 | 37.00 | + | 4.48 |
Goldcorp* | GG | 41911 | 26.44 | 23.73 | 25.92 | + | 2.35 |
Coeur d Alene* | CDE | 36022 | 3.63 | 3.34 | 3.41 | – | 0.01 |
Golden Star* | GSS | 32323 | 3.69 | 3.07 | 3.45 | + | 0.36 |
Alcan* | AL | 30255 | 99.27 | 97.59 | 98.84 | + | 0.33 |
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