U.S. MARKETS — Dow drops from near high

The Dow Jones Industrial average plunged more than 100 points on July 21, the final day of our report period, after nearly touching the 9,400 mark.

Overall, the Dow was off 55.35 points at 9,190.19.

On the New York Stock Exchange, Phelps Dodge gained $1.94 to close at US$59.38 on the strength of higher copper prices.

Among the gold producers, Newmont Mining posted a healthy gain of 81cents to close at US$22.81, while Newmont Gold closed up 50cents to US$23.12.

Meridian Gold is still riding high after deciding to go ahead with production at its El Penon project in Chile. The Reno-based producer finished the week up 50cents, closing at US$4.75.

Also on New York, Homestake Mining closed up 50cents to US$10.94, while American Depository Receipts of Rio Tinto leapt $1.30 to end the week at US$48.88.

Stillwater Mining, listed on the American Stock Exchange, jumped $1.30 to close at US$29.50 after posting record platinum-palladium production and earnings at its namesake mine in Montana. It posted earnings of 15cents per share for the second quarter of 1998 and 20cents per share for the first six months of the year.

Getchell Gold, also on the Amex, climbed 69cents to close at US$14.69.

Among the losers, New York-listed Ashanti Goldfields dropped 38cents to finish at US$6.81. Australia’s Broken Hill Proprietary lost 31cents to close at US$17.88.

Nord Resources lost 38cents to finish the week at US$1.94 following the start of preliminary merger negotiations with Toronto-listed America Mineral Fields.