Mubarak assets frozen by Swiss government - Feb. 11. The Swiss government has frozen any assets in its banks that belong to former Egyptian president Hosni Mubarak or his family.By Adam Levine, CNN supervising producerFebruary 11, 2011: 4:12 PM ET WASHINGTON(CNNMoney) -- Switzerland's government moved Friday to freeze any assets in the country's banks that might belong to former Egyptian President Hosni Mubarak or his family, the Swiss Federal Department of Foreign Affairs said Friday.
Mubarak ended his 30-year reign Friday, stepping down following 18 days of protests against his rule. (CNN.com - Egypt's Mubarak resigns after 30-year rule) An official statement from the Swiss Federal Department of Foreign Affairs said the Swiss cabinet had frozen all funds belong to Mubarak or "his circles. " "The [government] intends in doing so to avoid any risk of embezzlement of Egyptian state property," the statement read. On Tuesday, the Swiss finance minister had asked the banks to see what Mubarak assets they were holding. Share this. Market Report - Feb. 11, 2011 - CNNMoney.com. Click chart for more market action.By Blake Ellis, staff reporterFebruary 11, 2011: 4:49 PM ET NEW YORK(CNNMoney) -- Stocks finished a strong week at multi-year highs on Friday, as investors cheered the resignation of Egyptian President Hosni Mubarak.
Dow Jones industrial average (INDU) jumped 44 points, or 0.4%; S&P 500 (SPX) gained 7 points, or 0.6%; and Nasdaq (COMP) rose 19 points, or 0.7%. For the week, the three major indexes closed more than 1% higher. The Dow and the S&P also ended Friday's session at their highest levels since mid-June, 2008. After weeks of anti-government protests, Mubarak relinquished his power Friday, clearing up uncertainty about escalating tensions in the country. "Mubarak stepping down was the right thing to do, and from the perspective of the U.S. economy and markets it eliminates that geopolitical risk and uncertainty," said Phil Orlando, chief equity market strategist at Federated Investors. "The consumer continues to crank," said Orlando. Share this. Investors eye more corporate earnings, Egypt news.
By CHIP CUTTER Corporate earnings are once again taking the focus on Wall Street. Investors are also keeping a wary eye on the stand-off in Egypt. Exxon Mobil Corp. and Gannett Co. are both releasing their quarterly results Monday. United Parcel Service Inc., Yum Brands and Merck & Co. report their earnings later in the week. Investors will also get reports on auto sales, construction spending, factory orders and employment throughout the week.
Meanwhile, the unrest in Egypt continues, and traders worry that it could impact oil supplies or lead to protests elsewhere. Ahead of the opening bell, Dow futures are up 19, or 0.2 percent, at 11,794. Foreign Investors Lose an Ally in Egypt - Dispatch. Egypt’s Economy Is Near Paralysis. International companies closed plants and sent workers home or out of the country; food staples went undelivered to stores; and banks remained closed during a week when many Egyptians, who are routinely paid monthly, would receive their paychecks.
A major ratings agency cut the country’s bond rating, while shortages led to rising prices. And poorer Egyptians told of cutting back to just two meals a day to cope. The protests’ crippling effects could give Mr. Mubarak and his new cabinet perhaps only a few weeks to re-establish order before shortages, rising unemployment and a deep crisis set in, economists said. “It might give impetus to more demonstrations and more riots in the streets,” said Ahmed Galal of the Economic Research Forum in Cairo. Average citizens seemed to agree. “We can take this for one more week,” said Samih Hammam, 38, a teacher with a wife and three children who should have been paid on Jan. 25 and is still waiting.
Analysis: Investors face rising risks however Egypt plays out. Egypt's stock market closed on Sunday: regulator. A look at economic developments around the globe. Dow Declines 166 on Egypt Unrest. Wall St retreats as investors sell off risky assets. U.S. stock market falls as Egypt unrest continues. U.S. stocks declined sharply Friday as violent clashes in Egypt injected a jolt of anxiety into global financial markets.
The Standard & Poor's 500-stock index fell 1.8 percent to close at 1276.34, while the Dow Jones industrial average slid 1.4 percent to 11,823.70. The declines on Wall Street followed comparable losses in Asian and European markets. Scenes of demonstrators challenging the government of Egypt, a strategic ally of the United States in the volatile Middle East, helped send oil prices 4.3 percent higher. In a flight to safety, investors increased their purchases of U.S. Treasurys, pushing the yield on 10-year bonds down to 3.33 percent from 3.38 percent a day earlier.
The stock market's retreat came as the Dow was on the verge of closing above 12,000 for the first time since June 2008. NY Times Advertisement.