Stocks rally after Mubarak relinquishes power

Friday, February 11, 2011 | 4:02 p.m. CST

NEW YORK — Stocks closed higher after the resignation of Egypt's President Hosni Mubarak eased fears that unrest would spread to nearby oil-producing countries.

Investors were also pleased Friday by the Obama administration's plans to gradually dissolve the crippled mortgage servicing companies Fannie Mae and Freddie Mac. That sent financial stocks higher.

The Dow Jones industrial average, down nearly 50 points early in the session, closed up 43, or 0.4 percent, at 12,273, its highest close since June 2008. The Standard & Poor's 500 index rose 7 points, or 0.6 percent, to 1,329. The Nasdaq composite index rose nearly 19 points, or 0.7 percent, to 2,809.

Volume on the New York Stock Exchange came to 839.9 million shares. Advancing issues were ahead of losers by about 3-to-1.

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