U.S. stocks drop sharply on Egyptian concerns, Nas

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U.S. stocks drop sharply on Egyptian concerns,[link widoczny dla zalogowanych], Nasdaq down over 2 pct
U.S. stocks dropped sharply Friday with the Nasdaq declining over 2 percent amid investors' concern about situations in Egypt.The situation in the Middle East and Africa increased investors ' demand for safer havens and prompting them to sell riskier assets.
The Dow Jones industrial average dropped 166.13 points,[link widoczny dla zalogowanych], or 1. 39 percent, to 11,[link widoczny dla zalogowanych],823.70. The Standard & Poor's 500 index was down 23.18 points,[link widoczny dla zalogowanych], or 1.78 percent,[link widoczny dla zalogowanych], to 1,[link widoczny dla zalogowanych],276.36 and the Nasdaq declined with 68.24 points,[link widoczny dla zalogowanych], or 2.48 percent,[link widoczny dla zalogowanych], to 2,[link widoczny dla zalogowanych],687.04.Investors were now keeping a close watch on growing street protests in Egypt. The military was deployed in an effort to restore order and the headquarters of the ruling party was on fire. Moreover,[link widoczny dla zalogowanych], the Egyptian government's response to escalating street protests unnerved investors.
The market was also influenced by disappointing economic data. The Commerce Department said that the U.S. economy grew at a 3.2 percent in the fourth quarter as consumer spending accelerated. The rise was a touch below economists' expectations for a 3.5 percent rate.As to corporate news,[link widoczny dla zalogowanych], Ford earned its largest profit in more than a decade in 2010,[link widoczny dla zalogowanych], as demand for its cars and trucks rose and it benefited from years of restructuring. It earned 6.6 billion dollars, or 1.66 dollars per share. That's more than double its 2009 profit of 2.7 billion dollars, or 86 cents per share.
Microsoft Corp. reported late Thursday that the profitability of its Windows division was falling.Meanwhile,[link widoczny dla zalogowanych], the U.S. dollar traded higher against major currencies in late New York trading on Friday. The Euro was lower against the U.S. Dollar to 1.3615 from 1.3729 and the British pound dropped to 1.5869 dollars from 1.5935.
Quotable quotes at Davos forum
World elites entered their third-day discussion in the Swiss ski resort of Davos on Friday,[link widoczny dla zalogowanych], turning to a variety of issues,[link widoczny dla zalogowanych], including economic situation and the Doha round of global trade talks.
The following are noticeable quotes from the whole day:"Our first priority is to kill off the specter of massive sovereign debt. In many ways,[link widoczny dla zalogowanych], we in Europe have been our own worst enemy." -- British Prime Minister David Cameron"So I want to be the first leader to support your call for urgent action now to agree the key elements of the Doha deal this year. And I call on every world leader to join me. We've got one last chance to get this right. 2011 is the make or break year." -- Cameron"We need a revolution. Climate change is also showing us that the old model is more than obsolete." -- UN Secretary General Ban Ki-moon
"Let me say this very clearly again. The euro is our currency. And it is much more than just a currency. It is the embodiment of Europe today. Should the euro fail,[link widoczny dla zalogowanych], Europe will fail. We are going to defend the euro." -- Germany Chancellor Angela Merkel"The conclusion of the Doha Round is of utmost importance. We are literally meters away from the finishing line. But if we do not reach it,[link widoczny dla zalogowanych], then decades will go by without this opportunity offering itself again." -- Merkel
"There's more confidence now that the most acute part of the crisis is over,[link widoczny dla zalogowanych], absolutely in the U.S. but that is even true globally." -- U.S. Treasury Secretary Tim Geithner"Do I think America is in decline? I do not,[link widoczny dla zalogowanych], but its relative position is changing." -- former U.S. President and UN Special Envoy to Haiti Bill Clinton.
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