U.S. stocks recovered some early losses but closed mixed Thursday as investors weighed whether Egyptian President Hosny Mubarak’s late-night speech promising to hand over some powers would end the country’s turmoil.
Wall Street was preparing to close business for the day as Mubarak took to Egyptian television, refusing to resign but giving some presidential authorities to his deputy Omar Suleiman, forcing investors to make their final bets in an extremely fluid situation.
Protestors in Cairo’s Tahrir Square responded with outrage to the speech, making clear that they were not prepared to end their demonstrations until Mubarak left office completely.
The blue-chip Dow Jones Industrial Average closed down 10.6 points, or 0.09 per cent, to 12,229.29, erasing larger morning losses that were caused by some disappointing company earnings.
But the broader Standard and Poor’s 500 Index edged up 0.99 points, or 0.07 per cent, to 1,321.87. The technology-heavy Nasdaq Composite Index inched up 1.35 points, or 0.05 per cent, to 2,790.45.
The U.S. currency rose against the euro at 73.54 euro cents from 72.84 euro cents on Wednesday. The dollar also jumped against the Japanese currency to 83.24 yen from 82.37 yen the previous day.
