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Stocks gain, oil and gold fall as Egypt's Mubarak quits

February 11, 2011 | 10:58 am

How financial markets are reacting to news that Egyptian President Hosni Mubarak has resigned (all data as of about 10:45 a.m. PST):

--- U.S. stocks have rallied modestly after opening slightly in the red. The Dow Jones industrial average was up 26 points, or 0.2%, to 12,255, resuming its climb to new 2 1/2-year highs after a 10.60-point loss on Thursday halted an eight-day winning streak.

The broader market was stronger. The Russell 2,000 small-stock index gained 0.8% to 819.34, also a multiyear high.

--- The iShares MSCI Emerging Markets Index stock fund was up 45 cents, or 1%, to $45.52, as some investors warmed to emerging markets recently battered by Egypt’s turmoil and inflation worries. The iShares fund had been down 5.4% year to date as of Thursday.

--- Crude oil futures in New York were down $1.30, or 1.5%, to $85.43 a barrel, continuing their slide since reaching a two-year high of $92.19 on Jan. 31.

--- Gold was off $2.60, or 0.2%, to $1,359.90 an ounce. It had bounced up in the last two weeks, helped by Egypt's unrest, after falling to a three-month low of $1,319.80 on Jan. 27.

--- Treasury bond yields were down slightly. The 10-year T-note was at 3.65% versus 3.70% on Thursday.

--- The dollar was up modestly as measured by the DXY index, which tracks the buck against six other major currencies. The index was up 0.4% to 78.56.

-- Tom Petruno