Monday 01/24/2011 the Dow Jones Market opened at 11873.43 then on Friday it closed at 11823.70. For the week the market closed down 49.73 points. When looking at the charts the Dow is testing a resistance at 12000. There was alot of news on Friday that made the market drop by 166 points.
The declines came as Egypt’s ruling regime faced its biggest challenge Friday, the fourth consecutive day of street protests. President Hosni Mubarak declared a curfew in riot-wracked Egyptian cities and army tanks began to enter streets to beat back protesters that took to the streets en masse, as the Egyptian leader essentially defied U.S.’s recent urging to embrace reform. Which sent crude prices souring.
“That’s the most immediate concern, what’s happening in Egypt and how that might affect oil prices if the Suez Canal gets closed, which is a real possibility,” said Ed Cowart, lead manager of Eagle Asset Management’s Large Cap Value and All Cap Value and Equity Income Strategies. He noted if the canal is closed, it could add substantially to the travel time for oil to get from the Middle East to the West.
Next week will be interesting in the Market depending on how Egypt handles their problems.