Hecla Mining Co. (NYSE:HL) reported that the price of silver surged to 30 year highs after US Federal Reserve Chairman Ben Bernanke said that further quantitative easing is "certainly possible." The objective of quantitative easing is to drive interest rates lower in an effort to spark spending and lending.
U.S. equity markets retreated from their earlier highs as investors failed to chase stocks higher after a surge overnight in Europe and Asia led to a stronger opening in New York. Global equity markets were boosted overnight by the news that China was going to let the Yuan float higher. Technology stocks were hardest hit leading to a lower close in the September E-mini NASDAQ.
