Markets Close Higher As Gold Sets New Record

Mining related companies rose to lift the markets to a higher close with the Dow gaining 16 points to 10,450 as gold settled at a new record. Nasdaq added 2 points to 2309.

On the upside

Record gold prices lifted shares of mining companies Coeur d'Alene (NYSE: CDE) and Hecla Mining (NYSE: HL).

FIFA World Cup used the Cisco (Nasdaq: CSCO) Digital Media Suite at its Kick-Off Celebration Concert last week.

As a 25% owner of the failed oil well in the Gulf of Mexico, Anadarko Petroleum (NYSE: APC) may be liable for up to $6 billion in damages related to the Deepwater Horizon oil spill. But the stock price rose.

On the downside

The Office of the Comptroller of the Currency ordered Pacific Capital Bancorp (Nasdaq: PCBC) to increase its capital and submit a capital plan.

General Maritime (NYSE: GMR) will offer 30.6 million common shares to raise approximately $195.6 million.

Credit Suisse analyst Gregory Lewis downgraded DryShips (Nasdaq: DRYS) and cut his price target on the company.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 666.

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