Connect with us

Hi, what are you looking for?


Wall Street stocks jump on Mubarak resignation

NEW YORK, Feb 11 – US stocks jumped Friday within seconds of the news of Egyptian President Hosni Mubarak\’s resignation, rebounding from earlier slight losses to solid gains.

Minutes after the announcement that the Middle East strongman of three decades had stepped down, the main indexes rocketed upward, after a morning of trading trading lower on worries that rising tensions in Cairo could turn violent.

At 1630 GMT the Dow Jones Industrial Average was up 29.67 (0.24 percent) to 12,261.08, while the S&P 500 index rose 5.21 points (0.40 percent) to 1,327.12.

The tech-rich Nasdaq Composite was up 8.79 points (0.35 percent) at 2,799.24.

Stock markets across the Americas also jumped on the news. Brazil\’s Bovespa index was up about 1.75 percent for the day while Mexico\’s IPC had added 0.41 percent.

"We think having the military take over was the best solution in ending the deadlock between the protesters and Mubarak," Brown Brothers Harriman said in a comment on the situation.

However, the Wall Street investment bank warned, "there are still more questions than answers with regards to Egypt’s ultimate fate and so investors must be prepared for ongoing volatility."

The US equity markets meanwhile remained cautious over the White House\’s plan for a radical revamp of the housing mortgage industry, including winding down government-backed mortgage lenders Fannie Mae and Freddie Mac, which have underpinned the housing market for 40 years.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...