Dow tumbles with no rate cut

Denver — The Dow Jones industrial average slumped 183.90 points, or 1.7%, to 10,584.37 for the report period ended Dec. 19 after the hoped-for interest rate cut failed to materialize. The Nasdaq was harder hit, falling 14%.

Spot gold on the Comex division of the New York Mercantile Exchange edged down to US$269.70, though most mining issues were mixed. Newmont Mining picked up 7 to close at US$16.69, while its proposed merger partner, Battle Mountain Gold, added 13 to US$1.75. Peru’s Minas Buenaventura gained $1.06 to close at US$13.50, though Homestake Mining lost 50 to close at US$4.31. Glamis Gold sunk 13 to US$1.56, while Meridian Gold fell back 19 to US$6.19.

South Africa’s Harmony Gold Mining surged 10%, up 44 to US$4.50 after buying two mines at home and making an unsolicited offer for an Australian producer. The deals have a combined value of US$160 million. The good luck rubbed off on Gold Fields, which rose 19 to US$3.38.

Phelps Dodge advanced $1.56 to US$55.25 as Comex copper prices held firm at U87. Class A and B shares of Freeport-McMoRan Copper & Gold gained 19 and lost 13 to close at US$7.88 and US$8.12, respectively. Rio Tinto picked up $1.38 to close at US$69.38, while Anglo American dropped $3.25 to US$53.50.

Palladium-producer Stillwater Mining plunged $6.80 to US$33.19; Apex Silver Mines lost 75 to close at US$8.81; Hecla Mining shed 13 to US56; and junior Chief Consolidated Mining fell 44 to US$1.75.