Why Hecla Mining Stock Bounced Back on Wednesday
Shares of Hecla Mining (NYSE: HL) shot higher on Wednesday and were up a solid 8.25% at the close. It's a U-turn for the silver stock, which was falling rapidly over the past couple of days after reporting a fire at a key mine. Investors might have seen value in the stock today as prices of precious metals rose on macroeconomic fears.
In August, business activity in the U.S. grew at its slowest pace since February, as reflected in the S&P Global's U.S. Composite Purchasing Managers Index, which fell to 50.4 in August. The reading fell short of the market's expectations as it didn't expect to see the service sector contracting even as the manufacturing sector continues to be under pressure.
Adding to the disappointment on Wednesday, the Bureau of Labor Statistics narrowed its total tally of jobs created in March. In other words, the payroll growth in the year that ended in March was perhaps slower than expected.
Source Fool.com
