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Morning Business Brief

January 31, 2011, 7:02 AM

Morning Business Brief
Stocks look to bounce back after losing ground Friday because of investor concerns about the situation in Egypt.  The Dow industrials begin the day at 11,823 after losing 166 points Friday. The S&P 500 is at 1,276 after a 23-point loss, and the Nasdaq composite is at 2,686 after dropping 68 points Friday.
  • World stock markets sank Monday as investors sought less risky investments. London's FTSE 100 was 0.5 percent lower, Germany's DAX was down 0.3 percent and France's CAC-40 was down 0.6 percent. Japan's Nikkei dropped 1.2 percent and Hong Kong's Hang Seng dropped 0.7 percent. But China's Shanghai Composite index gained 1.4 percent. U.S. futures showed little fortitude ahead of the opening bell on Wall Street. Dow futures were down 0.1 percent. S&P 500 futures were flat.
  • Oil prices extended gains above $89 a barrel today. Benchmark crude for March delivery was up 33 cents at $89.67 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract shot up $3.70, or 4.3 percent, to settle at $89.34 on Friday.
  • Moody's Investors Service has become at least the second such organization to diminish its economic opinion of Egypt.  Moody's has downgraded Egypt's government bond rating and changed its outlook from stable to negative. The impact of unrest in Egypt has already affected the tourist industry through canceled travel plans by overseas tourists.
  • The Commerce Department reports this morning on personal income and spending for December. And more earnings reports are due today. Chrysler, Exxon Mobil and Gannett are among the companies releasing quarterly financial results.

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