Dow leaves miners behind

Denver — The Dow Jones industrial average bounded up 578.07 points, or 5.6%, during the report period ended Oct. 31, erasing losses from two weeks ago, though mining issues were mixed.

Spot gold on the Comex division of the New York Mercantile Exchange plunged below US$270 per oz. to US$264.90, punishing the already-hurting gold sector. AngloGold continued its decline, falling to another new low of US$14.38, down $1.37. A 7% drop in third-quarter earnings was partly to blame for the South African’s woes.

Newmont Mining bounced off the previous week’s low, up 18 to US$13.56 in heavy trading on the New York Stock Exchange, though Compania de Minas Buenaventura slipped 12 to another new low of US$12.88. Nasdaq-listed Harmony Gold Mining fell another 28 to a new low of US$3.81, though Gold Fields picked up 16 to close at US$2.97 after the company announced a boost in third-quarter production to nearly 1 million oz. Meridian Gold dropped 50 to US$5.

Phelps Dodge jumped $3.25 to US$46.75 despite a weakening of the copper price to US85 per lb. Class B shares of Freeport-McMoRan Copper & Gold bounced off the previous week’s low to close US$7.94, up 13.

The conglomerates fared well, too, with Rio Tinto jumping $5.12 to US$65.12, while Anglo American gained $2 to close at US$54.75. Diamond-producer De Beers Consolidated Mines was up $1.76 to US$27.88.

American Stock Exchange-listed Stillwater Mining rose $2.44 to close at US$29 after a strong week in platinum and palladium. Apex Silver Mines shed 50 to close at US$9.12, while junior Canyon Resources lost 18 to finish at US94.