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Financial News Network
February 19, 2011 AT 11:34 PM
Despite several reports this afternoon that Egyptian President Hosni Mubarak would step down this evening, in an address on national television President Mubarak said that while he would delegate certain powers to his Vice President Omar Suleiman, he would not be resigning immediately.Several news agencies stated that Mubarak would be stepping down which led to some relative calm in Tahrir Square but the protest level was reinvigorated once word of Mubarak's defiance spread. Mubarak invoked constitutional guidelines for his reasons to stay in office until election in September and also told the Egyptian people not to listen to outside commentary on satellite television.U.S. markets had nearly all crossed over to positive territory prior to Mubarak's televised address but then fell once it became clear that his immediate ouster was not to occur.