DJIA and TSX Up, Gold and Gold Mining Stocks Down
The Dow Jones Industrial Average (DJIA) closed up 172 points, to finish the day at 8,691 points, while the S&P/TSX Index was up 94 points, to close out the day at 9,331. Gold and major gold mining stocks were down on the day.
Thursday showcased volatile trading in US markets, but in the end the Bulls won out as the market closed up substantially. The day showcased large triple-digit swings in both positive and negative territory, which has become standard in recent weeks. Former Federal Reserve Chairman Alan Greenspan told a House committee that “we are in the midst of a once-in-a-century credit tsunami,” but that the country would eventually emerge with a far more stable financial system.
Gold closed the day down another $7.10, to finish at its lowest level in 13 months at $721.10 an ounce. Major gold mining stocks also suffered dips, as Barrick Gold was down $1.36, to close out the day at $18.81, Agnico-Eagle was down $2.11 a share, to finish at $23.74, Goldcorp was down $1.36, to end the day at $15.39, and Newmont Mining was down $1.45, closing at $23.30.
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