The Recap

Unrest a world away roils stocks at home

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Sunday, February 27, 2011

A bloody rebellion in Libya and escalating turmoil that reached across North Africa and the Middle East roiled stock markets and drove up oil prices, threatening to shatter a fragile U.S. economic recovery.

Moammar Gaddafi, backed by his military, clung to power in Tripoli. The chaos there follows the overthrow of Hosni Mubarak in Egypt, another major producer in a region that provides 35 percent of the world's oil. In an effort to quell popular unrest in Saudi Arabia, its king pledged $36 billion in benefits for his people.

U.S. crude prices hit $103 a barrel Thursday, landing at $97.88 Friday. Stocks, after a long climb, posted the steepest weekly drop of the year.

Business

Boeing beat out EADS for a $30 billion Pentagon contract to build aerial refueling tankers.

Barclays won a lawsuit brought by Lehman Brothers, which said the bank negotiated a secret discount when it bought the investment firm's broker-dealer unit.

Dynegy chief executive and top financial officers resigned and five independent directors plan to leave after shareholders opposed a $665 million buyout offer for the power company from billionaire Carl Icahn.

National Association of Realtors is reviewing U.S. home sales numbers as far back as 2007; it might have overcounted. A revision could show more inventory in the housing market than expected.

Amazon.com added a movie-streaming service, in a move to win business from rival Netflix.

Cellphone use increases brain activity in the area closest to the antenna, according to a study published in the Journal of the American Medical Association. Health implications are not yet known.

WikiLeaks opened an online shop to sell T-shirts, mugs and bumper stickers with Julian Assange's image. The money will go toward his Web site and legal-defense fund.

Google penalized Overstock.com, saying the site artificially boosted its search rankings. The search giant also altered its methods to improve the quality of results.

Toyota agreed to recall 2.17 million more U.S. vehicles over floor-mat problems. The United States ended its investigation of the company.


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