Market improves after slump

Denver — The Dow Jones industrial average jumped 391.14 points, or 3.7%, to close at 10,898.72 for the report period ended Dec. 5. The rise reflected both the possibility of a interest rate cut and the likelihood that the presidential election would be resolved soon, in favour of George W. Bush.

Spot gold edged upward to US$270.40 per oz. on the Comex division of the New York Mercantile Exchange, though most producers were mixed: Newmont Mining fell 62 to close at US$15.44; AngloGold gained 25 to close at US$13.19; Homestake Mining shed 26 to US$4.62 amid heavy-volume trading on the New York Stock Exchange; Ashanti Goldfields lost 43 to close at US$2.19; Gold Fields added 44 to close at US$3.38; Harmony Gold Mining tacked on 34 to finish at US$4.31; and Meridian Gold slipped 13 to US$5.62.

Phelps Dodge was the big mover in copper, jumping $6.75 to US$53, as the red metal edged up to US86 per lb. on the Comex. Class B shares of Freeport-McMoRan Copper & Gold picked up a buck to close at US$8.75, while Rio Tinto surged $5.12 to US$66.62. Australia’s Broken Hill Proprietary added $1.19 to close at US$21.31, while Southern Peru Copper gained 43 to hit US$12.81.

Stillwater Mining advanced $3.50 to close at US$36, after reaching a financing agreement for US$250 million. Australia’s Western Mining added $1.68 to close at US$16.62. De Beers Consolidated Mines fell back $1.19 to US$27.06. Silver showed little life, sending Hecla Mining tumbling 26 to US62, while Coeur d’Alene Mines lost 26 to US$1.12. Apex Silver Mines dipped 31 to US$9.25.