NEW YORK — U.S. stocks climbed Friday, concluding a second-straight week of gains at fresh 2 1/2-year closing highs after the resignation of Egyptian President Hosni Mubarak removed a layer of uncertainty from global markets.
The Dow Jones industrial average rose 43.97 points, or 0.4 percent, to 12,273.26, its highest close since June 13, 2008. The measure rose 1.5 percent last week and posted its strongest two-week performance since June with a 3.8 percent jump over the period.
The Nasdaq composite rose 18.99, or 0.7 percent, to 2,809.44, its highest close since Nov. 6, 2007. It climbed 1.45 percent last week.
The Standard & Poor’s 500 added 7.28, or 0.6 percent, to 1,329.15, its highest close since June 19, 2008. It leapt 1.39 percent last week.
The gains came after Mubarak succumbed to the demands of hundreds of thousands of his compatriots Friday and resigned from office, bringing to an end three decades of autocratic rule. The announcement was delivered by Vice President Omar Suleiman in a brief statement on state television. Mubarak delegated control of the country’s affairs to Egypt’s army, Sulei man said.
“The market is excited about the fact that we’re getting closer to a resolution,” said Burt White, chief investment officer at LPL Financial. “It just kind of lowers the blood pressure of the market a little bit.”
Still, investors noted that not all the uncertainty over the situation in Egypt has been removed.
“It’s still not clear who’s going to be in power, what the regime’s going to look like,” Don Montanaro, chairman and chief executive of Trade King. He said investors are still awaiting clarity on some of those questions.
Nevertheless, Montanaro said, investors using his company’s trading platform “are bullish and are more bullish than they’ve been for many quarters.”
He said more new accounts are being opened, more funds are being put into those accounts, and “we’re just seeing enthusiasm gradually and steadily picking up.”
