Dow edges down on tech rally

The Dow Jones industrial average closed down 186.68 points, or 1.8%, at 10,435.16 in the report period ended June 20. The broader market was hurt by a technology rally on the Nasdaq, which again climbed above 4,000.

Gold prices held firm on the Comex division of the New York Mercantile Exchange at US$285.10 per oz., though most of the issues were down for the week. Newmont Mining closed off $1.19 at US$23.06, though, at the end of the report period, the company announced plans to acquire Battle Mountain Gold. The Houston-based company was down 18 at US$1.88 for the week.

South Africa’s AngloGold dipped 56 to close at US$20.44, while Nasdaq-listed Gold Fields rebounded 50 to US$4.19 after the market gave the cold shoulder to its proposed merger with Toronto-based Franco-Nevada Mining.

Homestake Mining dropped 25 to close at US$6.94, while Peru’s Buenaventura lost $1.31 to close at US$15.88. Durban Roodeport Deeps bucked the downward trend, climbing 19 to US$1.19.

Phelps Dodge lost 87 to close at US$41.94 as Comex spot copper edged up to US81 per lb. Meanwhile, Australia’s Broken Hill Proprietary jumped $1.57 to US$22.38; Southern Peru Copper was up 56 to US$11.56; and Rio Tinto was down $3 to US$60.94.

Diamond titan De Beers Consolidated Mines dipped $1.07 to close at US$22.62, while Stillwater Mining lost 63 to close at US$29.75. Canyon Resources lost a third of its value, falling 37 to close at US75.