Upheaval in Egypt shakes global markets
A violent uprising in Egypt captured the world’s attention and rattled global financial markets. U.S. stocks took a sharp hit Friday after pressing steadily higher for weeks. The dollar, gold and Treasury bonds all increased sharply as investors moved to safety.
In Egypt, economic troubles, government corruption and restraints on political freedom stoked street protests in Cairo and cities beyond and challenged the three-decade rule of President Hosni Mubarak, who ordered his government to resign. When the military was deployed to put down the effort, investors grew unnerved.
Traders on the floor of the New York Stock Exchange watch the unrest in Egypt unfolding on TV. The Dow Jones industrial average fell 166.13 points Friday to close at 11,823.70.