Stocks rally after Mubarak relinquishes power

NEW YORK – Stocks are rising around the world after Egypt's President Hosni Mubarak finally relinquished power.

Markets had been lower earlier Friday after Mubarak had tried to cling to office. After news of his resignation, the Dow Jones industrial average was up 12 points. It was down as many as 49 earlier. Markets also turned higher in Europe.

Traders were also encouraged by an increase in U.S. consumer sentiment.

Expedia Inc. plunged 15 percent after the online travel company said its income fell 30 percent due to higher expenses.

In midday trading the Dow was up 12, or 0.1 percent, at 12,241.

The broader Standard & Poor's 500 index was up 3, or 0.3 percent, at 1,325. The Nasdaq was up 6, or 0.2 percent, at 2,797.