Stocks closed higher Friday after Hosni Mubarak resigned as Egyptian president and handed control to the military, ending 18 days of mass protests and uncertainty in the strategically important Middle East nation.

The blue-chip Dow Jones Industrial Average ($INDU) closed up 44 points, or 0.4%, to finish at 12,273. The broader S&P 500 ($INX) added 7 points, or 0.6%, to finish at 1,329. The tech-heavy Nasdaq Composite ($COMPX) rose 19 points, or 0.7%, to close at 2,809.

The Dow extended its winning streak to nine sessions as it put up a gain of 1.5% for the week. The S&P 500 and Nasdaq each added 1.4% this week.

New York Stock Exchange"We've had incremental growth every day this week on strong earnings and general sentiment that the market should move up," says Joe Greco, managing director at Meridian Equity Partners. "It seems like any time there is something negative and the market pulls back a little there are fresh bids, and the market fills in."

More encouraging economic news also helped equities Friday. The consumer sentiment index rose to a slightly better-than-expected 75.1 in February -- its highest level in eight months. Economists surveyed by Bloomberg expected the preliminary February sentiment reading would rise to 75 from 74.2 in January. The index was 74.5 in December, 71.6 in November and 67.7 in October. At the start of the recession in December 2007, the index stood at 88.9.

"In a Nice Band"


Consumers' outlook on inflation remained the same in February. The one-year inflation outlook was unchanged at 3.4% in February; the five-year inflation outlook, unchanged at 2.9%. Economists, business executives and policymakers monitor the consumer sentiment index because, historically, consumers' attitudes have correlated with their decisions to spend their income.

Despite some technical indicators to the contrary, Greco sees little risk of a major sell-off transpiring anytime soon.

"We're now in a nice band of the 1,310 to 1,320 range on the S&P 500" says the veteran New York Stock Exchange (NYX) trader. "I think there's more potential to move up. Not necessarily sharply, but to just expand."

For more on Greco's take from the floor of the NYSE, see the video above.


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bufortharmon

is that you razz?

February 12 2011 at 8:09 AM Report abuse rate up rate down Reply
ultraz2

Amazing---- channel 4 Washington TV female news caster asked --can be be assured that Egypt will be Democratic and corruption free? HEY LADY --WAKE UP WASHINGTON DC IS CORRUPT AND HAS BEEN FOR 100 YEARS. How can we expect Egypt to be something the USA is NOT.

February 12 2011 at 12:33 AM Report abuse rate up rate down Reply
Robert & Lisa

Our socialist public educational system has indoctrinated our children into believing capitalism and freedom is bad and socialism is good. If Socialism is so good, why does the long time socialist government of Mexico boast of being the #1 producer of silver, plenty of oil, and the richest man in the world, yet 99% of their people are in the poverty level making an average of less than 6 dollars a day. Corruption is rampant. The evil, ultra rich see Mexico and want to implement socialism here, where they can have all of the wealth and power and the middle class will now be among the poor. That is what their Demoncrat puppets in the white house and senate are doing to us.

February 11 2011 at 8:03 PM Report abuse rate up rate down Reply
socialeconomics1

I am not sold yet.... The commander of the military turned dictator has stepped down ??...... More like he is running things from behind the curtain now...... I won't believe this till the people of Egypt have elected leaders whom they know they voted in to office..... This is just a ploy to quiet the masses by the Egyptian dictatorship..... He will try to bring in a puppet to do his bidding now

February 11 2011 at 6:16 PM Report abuse rate up rate down Reply