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Wall Street shakes Egypt jitters

Monday, January 31, 2011 - 02:03

Jan 31 - Summary of business headlines: Stocks end higher; OPEC blames speculators for oil spike; Google dethrones Nokia in smartphone software; Boeing gets unfair help-WTO report. Conway G. Gittens reports.

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Egyptian protesters poured into the streets for a seventh day, but Wall Street was less impacted than it was at the end of last week, when stocks suffered their biggest sell-off in months. The market is now in a wait-and-see mode, according to one analyst. Oil prices, however, extended sharp gains. Crude oil jumped nearly three dollars, closing at a 27-month high above $92 a barrel. Oil prices in Europe climbed above $100 for the first time since 2008. Prices moved on concerns the Suez Canal, a key route for oil exports and other goods, could be shut down. But OPEC Secretary-General Abdullah al-Badri thinks that is unlikely. SOUNDBITE: ABDULLAH AL-BADRI, SECRETARY-GENERAL, OPEC (ENGLISH) SAYING: "I don't think there will be any dangers to that part of the operations, so this is only a speculation affected and some speculators they are catering - if something happen there, but i tell you, I don't think nothing will happen after two three days everything will come down, oil and the products will still flowing as normal." Google's Android moved to the leading spot in the global smartphone software market in the fourth quarter, knocking Nokia off the throne, and outshipping the Apple iPhone by two-to-one. Boeing has received unfair subsidies from the U.S. government, according to a World Trade Organization report not due to be made public for weeks or months. The report is the latest round in a more than six-year battle between Boeing and its European rival Airbus, each claiming the other received illegal taxpayer subsidies. Looking now at the final numbers on Wall Street: stocks rose modestly across the board. And in Europe - France finished higher, but Germany and the U.K. ended lower. Conway Gittens, Reuters

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Wall Street shakes Egypt jitters

Monday, January 31, 2011 - 02:03