U.S. MARKETS — Dow follows gold’s decline

The Dow Jones Industrial average was down over the April 22-28 report period, closing at 8,898.96 on fears of higher interest rates in the bond market. The Dow slipped 285.98 points (or 3.1%), including a drop of nearly 147 points on April 27.

Gold producers suffered independently of the Dow as the price of the yellow metal slid. And there were few surprises from companies reporting first-quarter earnings: most were off for the week.

Newmont Gold slipped $1.20 to close at US$32.75 despite news that it had earned 20cents per share during the first three months of 1998. Its parent, Newmont Mining, was likewise off, by $1.40, to close at US$32.

Also on the New York Stock Exchange, Ashanti Goldfields finished the week off 55cents to close at US$10, while Coeur d’Alene Mines closed at US$11.95, off $1.15.

On the American Stock Exchange, Getchell Gold was down 90cents to close at US$24.30, Echo Bay Mines was one of the few that ended the week up, closing at US$3.44 with a gain of 32cents on heavy trading of 6.9 million shares.

Over on Nasdaq, Lihir Gold bucked the downward trend, closing up $1.25 to US$32.50. It was up as much as $3 in response to news that Vengold wants a larger stake in the mine in Papua New Guinea.

Back on New York, Phelps Dodge trimmed $3.40 to end the week at US$66.20, despite having reported first-quarter earnings of $2.79 per share at a time whe n copper prices are low. Asarco was off $1.90 to close at US$24.75, and Cyprus Amax Minerals fell 55cents to close at US$16.50.