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Oil Jumps, Stocks Retreat Amid Protests in Egypt


Stocks tumbled, putting the market’s eight-week win streak at risk, as fears over unrest in Egypt sent oil prices surging and investors scurrying to safer assets.

The Dow Jones Industrial Average plunged 145 points, or 1.2%, to 11845. The average had been on track early for a ninth-straight weekly advance, which would have marked the longest weekly win streak since 1995. But Friday’s declines pulled the measure into the red for the week, off 0.3%.

The Standard & Poor’s 500 index declined 1.4% to 1281. The Nasdaq Composite Index was off 2.4% to 2689. Nasdaq OMX Group restored the measure following issues disseminating its level earlier in the session.

The declines came as Egypt’s ruling regime faced its biggest challenge Friday, the fourth consecutive day of street protests, as police used tear gas, bullets and batons while plainclothes thugs wielded clubs against demonstrators at scattered points across Egypt’s sprawling capital. Egypt’s EGX30 index fell almost 11%.

Crude-oil prices surged 4.5% toward $90 a barrel.

(Source: WSJ)



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