Stocks Sell-Off On Egypt Unrest
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UPDATE: The escalating anti-government protests in Egypt captivated investors attention today, putting fear back into the market. Stocks sold off from 29-month highs amid the tension.
The Dow sold off 166 points to 11,823.70, the Nasdaq lost 69 and the S&P 500 fell 23.
Protests against President Mubarak and his government turned violent with tens of thousands taking to the street in capital Cario. The mobs were demanding the ouster of Mubarak, who has ruled the country for 30 years.
Demonstrators stormed the offices of Egypt's ruling party, which was set ablaze and ransacked.
The situation is very fluid and leaders around the world are trying to calm both sides, as an escalation of the violence threatens to spread to other Middle East countries.
White House spokesperson Robert Gibbs said President Obama is monitoring today's events very closely. While the U.S. has talked to the Egyptian government, President Obama has not talked to President Hosni Mubarak. The White House also warned against violence. "The legitimate grievances that have festered for quite some time in Egypt have to be addressed by the Egyptian government immediately, and violence is not the response."
Concerns have sent crude oil rallying on concerns about the Suez Canal, the waterway in Egypt connecting the Mediterranean Sea and the Red Sea.
In an address to the people around midnight Egyptian President Mubarak asks for calm and said the government will resign and a new government will work with the current situation. At this point it appears Mubarak plans to remain in power.
The Dow sold off 166 points to 11,823.70, the Nasdaq lost 69 and the S&P 500 fell 23.
Protests against President Mubarak and his government turned violent with tens of thousands taking to the street in capital Cario. The mobs were demanding the ouster of Mubarak, who has ruled the country for 30 years.
Demonstrators stormed the offices of Egypt's ruling party, which was set ablaze and ransacked.
The situation is very fluid and leaders around the world are trying to calm both sides, as an escalation of the violence threatens to spread to other Middle East countries.
White House spokesperson Robert Gibbs said President Obama is monitoring today's events very closely. While the U.S. has talked to the Egyptian government, President Obama has not talked to President Hosni Mubarak. The White House also warned against violence. "The legitimate grievances that have festered for quite some time in Egypt have to be addressed by the Egyptian government immediately, and violence is not the response."
Concerns have sent crude oil rallying on concerns about the Suez Canal, the waterway in Egypt connecting the Mediterranean Sea and the Red Sea.
In an address to the people around midnight Egyptian President Mubarak asks for calm and said the government will resign and a new government will work with the current situation. At this point it appears Mubarak plans to remain in power.
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