Dow makes strong comeback

Denver — The Dow Jones industrial average bounced back after a disastrous week, climbing 226.78 points, or 2.3%, to finish the report period ended March 27 at 9947.54.

All this meant little to the price of gold, which edged up slightly to US$261 per oz. on the Comex division of the New York Mercantile Exchange, though mining issues rebounded after an equally dismal week. South Africa’s AngloGold climbed 21 to US$14.96, while Nasdaq-listed Gold Fields picked up 12 to close at US$3.81. Harmony Gold Mining gained 32 to US$4.88. New York Stock Exchange-listed Newmont Mining lost 72 to finish at US$16.05 on heavy trading.

Copper miners were mixed as the Comex price languished at US$79 per lb. Phelps Dodge slumped $2.47 to US$41.25, despite reducing exposure to higher energy costs by cutting output at operations in New Mexico and Arizona. The market had hoped for more than the 175-million-lb. reduction. Among Australian stocks, BHP sunk 29 to US$19.90 while WMC slipped 95 to US$15.95. Conversely, Class A and B shares of Freeport-McMoRan Copper & Gold picked up 29 and 35 to close at US$11.84 and US$13.01, respectively.

Anglo American climbed $1.88 to US$61.50, while De Beers Consolidated Mines rose 88 to US$40.38. Platinum miner Stillwater Mining dropped 60 to US$27.07. In silver, Apex Silver Mines slipped another 17 to US$7.90, nearing new lows, while Peru’s Compania de Minas Buenaventura bucked the downward trend, climbing $1.25 to US$14.75. Nasdaq junior Chief Consolidated Mines gained 49 to US$2.80.