U.S. MARKETS — Dow soars as gold falls

The Dow Jones industrial average climbed 236.71 points, or 2.4%, during the report period ended March 16, briefly touching 10,000, before closing at 9930.47 points.

However, it was bad news for miners as gold and silver plunged in mid-week. U.S. President Bill Clinton and French President Jacques Chirac renewed a joint proposal to sell 5% of the International Monetary Fund’s gold to aid debt-ridden countries.

Hardest hit was South Africa’s Anglogold, which shed $1.75 to close at US$19.94. American Stock Exchange-listed Getchell Gold slipped $1.37 to close at US$28.38.

New York-listed Newmont Gold slipped 69 cents to US$18.31, despite having made gains early in the week. Homestake Mining dipped 38 cents to US$8.81.

Battle Mountain Gold sunk 38 cents to US$3.31.

Bucking the trend was Lihir Gold, whose Nasdaq-listed shares gained 37 cents to close at US$17.75.

Despite continued weakness in copper markets, New York-listed Broken Hill Proprietary rose 50 cents to close at US$15.94. Class A and B shares of Freeport-McMoRan Copper & Gold slipped 63 cents and 56 cents, respectively, to close at US$9.25 and US$9.50. Phelps Dodge advanced a quarter to US$48, while Rio Tinto gained $1.50 to close at US$56.50.

Coeur d’Alene Mines dropped 37 cents to end the period at US$4.44 as silver slipped back to the US$5-per-oz. level. Hecla Mining slid 25 cents to US$3.19, while Sunshine Mining & Refining hit a new low of US50 cents per share, down 6 cents. The company reported a fourth-quarter loss of US$3.8 million (or 1 cents per share).