Bicycle rear hub sounding weird My rear axle broke about 2 weeks ago, and I replaced it with a new one.
I also replaced the ball bearings with new ones when I did this.

The issue I am having is when I'm going with a higher speed the rear hub is making some sounds as if there would be some friction there.

When I mounted the axle I tightener the cones so that the axle wouldn't wobble.
If I loosen the cones a bit it starts to wobble a bit.

What do you suggest I do in order to get rid of the noise? Should I try to let the axle a bit more loose?
Read this. The QR skewer when done up increases the bearing pre-load. Correct bearing adjustment requires a slight wobble when the wheel is off the bike, which stops when the wheel is installed and the QR Skewer done up. 

Its a bit of trial an error getting it right for the first few times.. 

It may also be incorrect bearing size - are you sure you used the correct bearings? - or the broken axle may have caused damaged the hub bearing faces - did you check those before assembly?.