NovaGold Resources (AMEX:NG) Down Almost 10 Percent

NovaGold Resources (AMEX:NG) (TSE:NG) was punished hard today, dropping 9.51 percent, or $0.76.

Funds and ETFs which had Novagold as one of their components also went down with them, although they were far from the only drag on the market.

Trading volume for NovaGold was higher than usual reaching 5,803,181 for the day, while normally averaging 2,848,640 over the last three months. The stock also dropped below its 50-day moving average of $7.78 a share.

Novagold ended the day at $7.32 a share, and has stayed there in after hours trading as of 7:30 p.m. EST.