The Mining Stock Report

The TSX fell 757 points to close out at 8,537 following tough days in both Asian and European markets. The Dow Jones was also down 203 points. Gold also saw a decline on Monday, as the price fell $5.70 to finish out the day at 728.60 an ounce (NY Spot).

The economic crisis continued to inflict damage as global stock markets suffered losses on Monday. The TSX was hammered, falling 8.1% from a late day sell-off of financial, energy and mining stocks. Investor concerns of an imminent recession and the impact it will have on earnings was cited as a significant reason for the decline¹.

The Dow Jones and NASDAQ Composite were both down for the day. The DJIA lost 2.1% or 203 points to close out the day at 8,176 points. The NASDAQ Composite lost 3% or 46 points to close out the day at 1,506 points.

Asia and Europe both started the day with drops on the major markets. The Hang Seng was dramatically hit, losing 12.7% or 1,603 points to close the day at 11,015.

Gold also fell for the day, losing $5.70 to close out the day at $728.60 an ounce on the New York Mercantile Exchange.

¹Steve Ladurantaye, Late-day sell-off sinks TSX, The Globe and Mail, October 27, 2008.