Issue link: https://www.epageflip.net/i/23989
Saturday, January 29, 2011 – Daily News – 3B NEW YORK (AP) — Esca- lating protests in Egypt jarred world financial markets on Fri- day. Stocks fell while the dollar, Treasurys and gold rose as investors sought to reduce their exposure to risk. The Egyptian government’s response to widespread street protests unnerved investors. The military was deployed in an effort to quell the protests and the headquarters of the ruling party was on fire. Thousands of people defied a curfew, and Internet and cell phone service has been cut off. Earlier, riot police fired tear gas, rubber bullets and used World markets sink as protests escalate in Egypt Wall Street water cannons to disperse crowds that had gathered in the largest challenge to Egyptian president Hosni Mubarak’s thir- ty-year rule. The fall of the Tunisian government two weeks ago has raised concerns that other authoritarian govern- ments in the Middle East could also be toppled. “The safety trade is back,” said Jeffrey Frankel, president of broker Stuart Frankel & Co. “Gold is up. Oil is up. Anything related to overseas is getting hit.” Prices of Treasury bonds, considered one of the safest assets, rose sharply. The yield on the benchmark 10-year Trea- sury note fell to 3.33 percent from 3.38 percent late Thurs- day. Bond yields fall when their prices rise. The dollar rose 0.5 percent against an index of six other currencies as investors sought safety. Gold rose 1.7 percent to settle at $1,340.70 and crude oil rose 4.3 percent to $89.34 a bar- rel. The Egyptian stock market isn’t open on Fridays. The mar- ket’s main index fell 10.5 per- cent Thursday. The MSCI World Market index, the broadest measure of the world’s stock markets, slumped 1.4 percent. “Traders are watching this flare-up in the Middle East and using it as a reason to take prof- its,” said Doug Godine, manag- ing director at Signal Hill, an investment bank. Of the 30 large company stocks that make up the Dow Jones industrial average, 28 fell. The two exceptions, Proc- ter & Gamble and DuPont, were flat. The Dow fell 166.13 points, or 1.4 percent, to close at 11,823.70. The Dow lost 0.4 percent for the week after eight straight weeks of gains. The Standard & Poor’s 500 index fell 23.20, or 1.8 percent, to 1,276.34. All 10 company groups within the S&P index fell. The S&P fell 0.5 percent for the week. The Nasdaq composite fell 68.39, or 2.5 percent, to 2,686.89. The index was not updated nearly an hour after the market opened due to technical problems. The Nasdaq lost 0.1 percent for the week. Five stocks fell for every one that rose on the New York Stock Exchange. 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