Market news: U.S. Markets

The benchmark S&P 500 Index reached its highest close since December 2007 during the holiday-shortened trading week, which saw politicians strike a deal to avert the fiscal cliff, while data from the Institute for Supply Management showed that activity in the service sector had expanded the most in 10 months. The S&P 500 climbed 4.6% to 1,466.47, while the Dow Jones Industrial Average rose 3.9% to close at 13,435.21. The Philadelphia Gold and Silver Index gained 4.9% to 168.47.

Alpha Natural Resources advanced US$1.11 to end the trading week at US$10.38 per share, after the company announced it was shutting down four mines in Kentucky and laying off 200 people as part of the restructuring plan it unveiled in September to cope with poor market conditions.

Shares of Rare Element Resources surged 16.6% to US$3.71 after China, the world’s largest supplier of rare earth elements, reduced its first-lot export quota on rare earth elements by 27% year-on-year to 15,501 tons, according to a statement released by China’s Ministry of Commerce on Dec. 28.

Alderon Iron Ore jumped 15.2% to US$1.97 per share in the week. It was one of a handful of Canadian iron ore companies that rallied on the news that Luxembourg-based ArcelorMittal announced it was selling a strategic 15% stake in its Canadian iron-ore unit to an Asian consortium for US$1.1 billion.

Results of a feasibility study on Uranium Resources’ Churchrock Section 8 project in the Grants mineral belt of northwestern New Mexico sent the company’s shares up 14.2% to US36¢ apiece. The feasibility study outlined 6.5 million lb. mineralized uranium material at a grade of 0.11% uranium oxide (U308). The study also concluded that the best extractive technology for the deposit is in-situ recovery, and estimated a six-year production life with peak production at more than 1 million lb. per year. Pre-production costs are estimated at US$35 million, with direct operating costs between US$20 and US$23 per lb. U308 produced.

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