US markets

U.S. equities jumped late in the week on news that European leaders agreed to distribute rescue funding directly to troubled national banks, which marked a victory for Spain and Italy, where borrowing costs where hitting dangerous levels despite efforts to curtail government spending. News from Europe overshadowed tepid U.S. economic data earlier in the week as consumer confidence hit five-month lows and orders for durable goods missed analyst estimates — pointing to a manufacturing slowdown.

The Dow Jones Industrial Average rose 1.9%, or 239.3 points en route to a 12,863.90 weekly close, while the S&P 500 enjoyed a 2.03% gain, rising 27.14 points before closing the week at 1,360.60. The Philadelphia Gold and Silver Index gained 1.25 points, or 0.8%, to close at 157.54.

It was a big week for fertilizer producers on the value-added side after Potash Corp.of Saskatchewan CEO Bill Doyle predicted there would be no new potash mines hitting production for at least five years. Doyle’s comments followed a stinging report by Europe’s Rabobank that speculated there could be massive overcapacity in the potash market representing 59% to 100% of demand by decade’s end.   

U.S.-based fertilizer heavyweight Compass Minerals International led the way with a $6.58 increase en route to a $76.28 weekly close, while competitor Agrium jumped $4.23 before closing the week at $88.47. Minnesota-based fertilizer giant Mosaic leapt $4.18 to close at $54.76, and Potash enjoyed a $3.35 boost before closing at $43.69.

Quaterra Resources’ shares jumped 12.2% as company filed a preliminary economic assessment on its MacArthur copper project in Nevada, as well as announce a resource increase at its Nieves silver property in Mexico.

Missouri-based Arch Coal, the largest coal producer in the Powder River basin, continued to rebound following news it was downsizing operations to control costs. Arch leapt 12.4% before closing at $6.86 to end the week. Producers in the coal space are also benefitting from renewed optimism, vis-à-vis the EU crisis and potential economic stimulus packages in China and the U.S.

U.S. most active issues

U.S. greatest percentage change

U.S. greatest value change