Market news: U.S. Markets

During the trading period, investors paid close attention to U.S. lawmakers negotiating a budget deal to avoid the approaching “fiscal cliff,” or automatic tax hikes and government spending cuts set to start on Jan. 1, 2013. If a deal isn’t reached soon, the U.S. economy could fall back into a recession.

The Dow Jones Industrial Average closed at 13,025.58, up 16 points. The Standard and Poor’s 500 Index gained 0.5%, or 7 points, to 1,416.25, while the Nasdaq Composite Index added 1.46%, or 43 points, to 3,010.24.

The Philadelphia Gold and Silver Index slipped 4 points to 170.20, as the spot price of gold dropped US$36.70 per oz. to US$1,715.20.

Pacific Booker Minerals, which is advancing the Morrison porphyry copper-gold-molybdenum deposit in central B.C., was the week’s largest percentage and value gainer, adding 65%, or US$2.66, to US$6.76 per share. On Nov. 28, the Vancouver-based firm provided more details on the effects of the Morrison project on the Morrison Lake water quality. In an assessment report, it stated that the project had brought the estimated lake metal concentration below B.C. water quality guidelines and slightly above baseline.

Canarc Resource, which aims to develop its flagship New Polaris gold project in B.C., also made percentage gains during the week, adding 22% to close at US14¢ after announcing a C$600,000 private placement financing with some of its shareholders. The company is offering 5.6 million units at 11¢ each, with each unit consisting of one share and one warrant. Canarc’s management, directors and insiders will take up to 50% of the offering.

Santa Fe Gold got a boost after making two announcements. On Nov. 29, it reported bonanza grades of 265 grams gold per tonne and 9,248.6 grams silver per tonne over mineable widths at its Summit gold-silver mine in southwestern New Mexico — the best assay released to date at the project. Earlier in the week, it said shareholders of Australia-based International Goldfields approved a proposed merger with Santa Fe. The merger is expected to conclude in early 2013 following regulatory approval, among other consents. The company ended up 11% at US35¢.

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