Silver mining companies shine in trading
Silver mining companies benefit as silver price rises, Wall Street opens lower
Silver mining companies were a bright spot Monday as prices for precious metals rose while stocks opened lower on Wall Street amid some anxiety over the proposed $700 billion U.S. bailout of the financial sector.
The price of silver rose 84 cents to $13.32 per ounce Monday on the New York Mercantile Exchange.
In late morning trading, the Dow Jones industrial average fell 206.36, or 1.81 percent, to 11,182.08. The Standard & Poor’s 500 index fell 25.07, or 2.00 percent, to 1,230.01, and the Nasdaq composite index fell 43.56, or 1.92 percent, to 2,230.34.
Silver Wheaton Corp. shares rose $1.08, or 11.4 percent, to $10.57 and Hecla Mining Co. shares were up 53 cents, or 9.5 percent, to $6.09 in midday trading.
Pan American Silver Corp. shares were up $2.62, or 11.3 percent, to $25.74; Silver Standard Resources Inc. shares rose $2.29, or 12 percent, to $21.57; and Coeur d’Alene Mines Corp. inched up 9 cents, or 5.1 percent, to $1.86.
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