The Mining Stock Report

It was a good day in North American markets as the S&P/TSX and DJIA were up substantially Wednesday, as gold, gold stocks, and oil stocks also saw gains.

The Dow Jones (DJIA) saw a massive 889 point gain, to close out the day at 9,065, while the S&P/TSX Index was also up big by 614 points finishing up Wednesday at 9,151. The dramatic raise was due to late day buying, as both indexes saw significant gains in the last hour of trading. Investors expected the Federal Reserve to announce an interest rate cut Thursday, in another move to alleviate pressure created by the global credit crisis. On a negative note, the U.S. Conference Board released their report on consumer confidence. The report showed that consumer confidence is at its lowest point since the board began the metric in 1967.

The TSX was buoyed by increases in gold, and the price of oil. Oil was up $1.03 per barrel to finish off the day at $64.25. The price of gold was up $15.20 to finish off the day at $743.80 an ounce. Gold, which has an inverse relationship with the US Dollar, reacted to news that the Dollar fell against the the Euro. Gold stocks reacted positively to the strength in the price of gold, as major gold producers saw their share prices go up significantly.