por admin » Vie Ene 28, 2011 12:25 pm
Stocks Retreat on GDP Report, Middle East Unrest
By DONNA KARDOS YESALAVICH And KRISTINA PETERSON
Stocks sank swiftly as fears over unrest in Egypt sent oil prices surging and investors scurrying to safer assets.
The Dow Jones Industrial Average tumbled 157 points, or 1.3%, to 11833 in midday trading. The Standard & Poor's 500-stock index fell 1.6% to 1279. The Nasdaq Composite Index sank 2.6% to 2683, weighed down by disappointing earnings reports from technology companies.
The declines came as Egyptian police used tear gas, rubber bullets and baton-wielding plainclothed thugs as they contended with tens of thousands of protesters who took to the streets across Egypt's capital. Egypt's EGX30 index fell almost 11%.
Oil prices jumped 4.1% on jitters over Middle East unrest.
The Dow narrowly missed the 12000 mark for the second day in a row yesterday. Above, traders work on the floor of the New York Stock Exchange on Jan. 27.
.Investors poured into safer assets. Gold rose nearly 2% and demand for U.S. Treasurys jumped, sending yield on the 10-year note down to 3.33%, as prices and yields move inversely.