Egypt clearly was the biggest factor in the Dow's decline, though given the market's extended rally in recent weeks it might also have been an excuse to pull back. The immediate economic effects of a possible overthrow center on the Suez Canal, which is controlled by Egypt. If the canal is forced to shut down, it could add to the time it takes to move oil from the Middle East to the West. So far, there are no problems, but the price of oil did shoot up today. By the way, it wasn't just Egypt that got traders on edge - the fourth-quarter GDP report showed economic growth of 3.2 percent, which is okay but not great. Also, Ford saw a big drop in earnings. But this was a day when Egypt dominated most everything.
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