Market Overview

Celebration Follows Mubarak's Departure

Thousands of Egyptian citizens are celebrating this evening in Cairo on the news that Hosni Mubarak has stepped down. The elation is quickly evident on CNBC's live feed, which is overflowing with cheers, waving flags, and a general feeling of excitement and relief.

The news came just moments ago when Omar Suleiman, Egypt's Vice President, announced that Mubarak had given up his post. According to NBC News, he was forced out by the military.

This development comes after Mubarak delivered a long-awaited speech yesterday evening. During the speech, he was expected to announce that he was stepping down; instead, Mubarak reiterated that he would not run for re-election in the fall. He also reiterated his commitment to continuing the transition of power until September.

However, it seems that September has come a few months early for the troubled nation. Investors are reacting positively to the news, with the Market Vectors Egypt Index ETF (NYSE: EGPT) rising roughly 6% after Mubarak's departure.

Though Suleiman is expected to become the new president, his appointment has yet to be confirmed.

Meanwhile, the White House has announced that President Obama will make a statement on Egypt at 1:30p.m.

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