NEW YORK: Encouraging news about the US jobs market trumped higher oil prices and worrying developments in Europe's debt crisis on Wednesday. 

Oil climbed above $102 a barrel for the first time in more than a year as the political turmoil in Egypt intensified, raising the risk of supply disruptions in the Suez Canal. In Europe, traders dumped Portuguese stocks and bonds as the country's government teetered on the edge of collapse. 

That news was offset though by a brighter outlook on US jobs ahead of Friday's monthly employment report. The stock market opened lower, then drifted higher in late morning trading. By noon, indexes turned positive

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