Reply #75: Oil, Dollar Surge as Stocks Drop Worldwide Amid Egypt Protests [View All]

[Ghost Dog]

Jan. 28 (Bloomberg) -- Crude oil jumped, stocks fell around the world and the dollar gained against the euro amid concern protests in Egypt are intensifying as President Hosni Mubarak imposes a curfew in Cairo, Suez and Alexandria. The Middle East nation’s dollar bonds sank, pushing yields to a record high.

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“The unrest in Egypt has people concerned,” said Mark Bronzo, who helps manage over $25 billion at Irvington, New York-based Security Global Investors. “When it comes to the Middle East, there’s worries the unrest is going to spread. It has negative implications for the world.”

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The biggest challenge to Mubarak’s 30-year rule overshadowed evidence the U.S. economy, the world’s biggest, is improving. GDP expanded at a 3.2 percent annual pace in the fourth quarter, up from 2.6 percent during the prior three months, as consumer spending climbed by the most in more than four years.

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