The Mining Stock Report

The Dow Jones, S&P/TSX, and the price of gold were all down slightly, while the NASDAQ Composite saw a small gain, but overall the market was surprisingly quiet on the day before a historic Presidential election in the United States.

The Dow Jones closed out Monday at 9,319, down a total of 5 points, while the NASDAQ Composite closed up 5 points to finish the day at 1,726. The US markets were surprisingly quiet Monday, on the eve of a Presidential election. The state of the economy has been a major issue in the race between Democratic candidate Barak Obama and Republican candidate John McCain. Monday also saw further evidence of an economic slowdown, as announced US auto sales were the lowest in 25 years. The credit crisis has had an profound impact on consumers’ ability to purchase new automobiles. Automotive sales are seen as a key indicator of the economy.

In Canada, the S&P/TSX index was down 42 points to finish off the day at 9,721, as the market was similarly hit by the news of low automotive sales south of the border and slumping demand for oil. The price of oil was down $3.90 to $63.91 a barrel. The fall in sales for the automotive industry will likely impact commodities prices, which affect the Canadian stock market. The price of gold was also down slightly, a total of $1.70 to finish off the day at $722.00 per ounce.