SYDNEY -- The S&P/ASX 200 index (INDEX: ^AXJO) has closed down 0.6% again, following from yesterday's similar fall. The index ended at 4,275.8, down 27.7 points. The resources sector led the way down, falling 1.7%, while the health care sector went against the trend, posting a 2% rise.

These three resources-related stocks were hammered.

Boart Longyear Limited (ASX: BLY.AX) shares fell 12.2% today, to close at $1.115. In the last five days, the stock has lost more than 50%. Just five months ago, the stock was trading over $4. Fear has gripped the mining services market, since the big miners announced that major projects were being cut back, cancelled, or postponed. Despite the share price falls, the company is still expected to produce earnings per share of more than $0.30 in the 2013 financial year; it is perhaps no surprise that three separate directors purchased shares in the company yesterday.

Fortescue Metals Group Limited's (ASX: FMG.AX) chairman, Andrew "Twiggy" Forrest, can't take a trick. Last week he purchased 10 million shares in the company on market. Since that time, shares have tumbled from over $3.60 to close at $3.12, including a fall of 8.5% today. Today the company announced that it had sold the Solomon power plant to TransAlta Corp for $318 million, on the back of capital expenditure cuts of $1.6 billion yesterday, but still the price keeps falling. Analysts are now speculating that the company may need to raise equity, something that it ruled out last week as being too expensive. At a personal level, Forrest may not want to do that, as it's likely to dilute his stake in the company. I suspect there's yet more to come in this saga.

OneSteel, sorry, Arrium Limited (ASX: ARI.AX) also saw its shares fall dramatically today, losing 10% to end at $0.585. Having changed its spots from a steel producer to an iron ore miner, the company appears to have jumped from the pan into the fire, as we warned back in February. With iron ore prices falling so dramatically over the past few months, the company could now be at risk of breaching its debt covenants.

The Foolish bottom line
Mining company CEOs and several politicians have expressed the view that the mining boom is not yet over, and some have predicted the iron ore price will rise back up to between US$120 and US$150 a tonne, before the end of this year. Only time will tell.

If you're in the market for some high yielding ASX shares, look no further than our "Secure Your Future With 3 Rock-Solid Dividend Stocks" report. In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favorite income ideas. But hurry -- the report is free for only a limited time.

More reading