28.1.11

Stocks Drop Worldwide as Oil, Dollar Surge After Egypt Protests

Stocks worldwide plunged the most since November, crude oil jumped and the dollar gained against the euro after protests in Egypt intensified and President Hosni Mubarak imposed a nationwide curfew. Egypt’s dollar bonds sank, pushing yields to a record high.
The MSCI World All-Country World Index of stocks in 45 countries lost 1.3 percent at 2:26 p.m. New York time. The Dow Jones Industrial Average fell 1.2 percent to 11,840.58, putting its longest weekly winning streak since 1995 in jeopardy. Oil futures increased 4.2 percent to $89.24. The dollar appreciated 0.9 percent to $1.3617. Yields on Egypt bonds due in 2020 surged 22 basis points to 6.51 percent and rose 86 points this week, the most since they were sold in April.

http://www.bloomberg.com/news/2011-01-28/asian-stocks-fall-for-first-time-in-five-days-on-japan-outlook-oil-slides.html

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