14 Feb 2011

Market rally after easing of tension in Egypt

8:49 am on 14 February 2011

Stocks in the United States ended their second consecutive week of gains on Friday, with a rally after President Hosni Mubarak of Egypt resigned, easing tension around the region for now.

The Dow Jones Index rose 44 points, or 0.4%, to close at 12,273.

The Nasdaq Composite rose 19 points, or 0.7%, to finish at 2809.

In Europe: FTSE 100 in London rose 0.7%, the DAX in Frankfurt rose 0.5% and the CAC-40 in Paris rose 0.4%.

The Australian 200 Index fell 33 points, or 0.7%, to finish the week at 4881.The NZX 50 edged up 2 points, to close at 3367.

The New Zealand dollar on Monday morning was trading at 76.02 US cents, 75.94 Australian, 47.52 pence, 63.45 yen and 0.5623 euro. The Trade Weighted Index was at 68.0.

Brent crude oil was trading at $US99.85 per barrel. Gold was trading $US1356.12 per ounce.