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Trading has been temporarily suspended on the Egyptian stock exchange after its benchmark index spiked by 5 percent.

The surge reflects optimism stemming from the relative calm and a massive turnout that marked the country’s first parliamentary elections after Hosni Mubarak’s ouster.

The Egyptian Exchange’s benchmark EGX30 index was up 5.08 percent within minutes of the start of trade on Tuesday. The broader EGX100 index surged 5.01 percent, prompting a halt temporary halt in trading guaranteed cash advance.

Brokers attributed the rally to optimism over the landmark elections that began on Monday. The vote, which continues on Tuesday, is widely seen as a pivot point in the country’s push toward democracy after roughly 30 years of Mubarak’s rule.

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UPDATED at 7:15 a.m. with more stories from early morning shoppers.

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Ratings agency Standard & Poor’s on Thursday pushed Egypt’s sovereign credit ratings deeper into junk status, citing the country’s dire political and economic situation and the increased risk of civil strife.

The cut is the latest blow to Egypt, whose economy is reeling from nine months of protests and strikes since the mid-February ouster of former President Hosni Mubarak. Last month, Moody’s Investors Service also cut its ratings for Egypt, citing the ongoing political challenges and the weak economy.

S&P said it cut Egypt’s long-term foreign and local currency sovereign ratings to B+ from BB-, with a negative outlook.

“The downgrade reflects our opinion that Egypt’s weak political and economic profile … has deteriorated further,” the agency said in a statement.

In addition to the current wave of protests against the ruling military council, it cited the erosion of the country’s net international reserves and the risk of further unrest stemming from rising expectations.

“These challenges could arise if populist demands for greater political participation are thwarted, or from demands for improved living standards from different sectors of the population no matter who is governing Egypt,” the agency said.

The timing of the ratings cut is also troubling for Egypt, coming days before the Nov. 28 parliamentary elections _ the first since Mubarak left office. The fate of the elections is uncertain following the latest protests, in which demonstrators have called for the country’s military rulers to step down and transfer power to a national salvation government payday advance online.

Months of unrest have led analysts to cut forecasts for Egypt’s economic growth. A nation that just a few years earlier had boasted growth rates of 7 percent is expected to realize anemic growth of around 1 percent this year, according to the International Monetary Fund.

Equally troubling has been the drop in international reserves, which fell from $36 billion at the end of December to $22 billion by the end of October. That decline, in part, has been linked to the Central Bank’s efforts to prop up the Egyptian pound.

The stock market’s benchmark index has shed almost 48 percent since the start of the year, losing around 190 billion pounds ($32 billion) and earning the dubious distinction of being among the worst performing in the world after Greece and Cyprus. On Thursday, the EGX30 index was up about 1.6 percent.

Bond and Treasury bill yields have climbed sharply, reflecting the premium the government must pay to borrow money, and the deficit is expected to climb above earlier forecasts of around 8.6 percent as officials are forced to increase spending to meet incessant popular demands for a boost in the standard of living.

“Following Egypt’s popular uprising of January 2011, public expectations regarding the government’s ability to promptly deliver improved living standards remain high,” S&P said.

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As protests erupted in Rome and other cities, Italy’s new premier unveiled his economic plan Thursday, vowing to spur growth yet fairly spread the sacrifices Italians must accept to save their country from bankruptcy and the eurozone from a disastrous collapse.

As Mario Monti spoke, riot police clashed with anti-austerity protesters in Milan, signaling the depths of resistance the economist-turned-premier will have to overcome if his plan is to succeed.

“The end of the euro would cause the disintegration of the united market,” the former European Union competition commissioner told the Senate ahead of a confidence vote on his one-day-old government. “The future of the euro also depends on what Italy will do in the next weeks. Also, not only.”

Monti formed his new government Wednesday, shunning politicians and turning to fellow professors, bankers and business executives to fill key cabinet posts.

A day later he revealed plans to fight tax evasion, lower costs for companies so they can hire more and possibly lower taxes rates for women, to encourage their increased participation in the work place. Hee warned Italians they must brace for more “sacrifices,” including the probable return of a property tax on primary residences.

“We must convince the markets we have started going down the road of a lasting reduction in the ratio of public debt to GDP. And to reach this objective we have three priorities: budgetary rigor, growth and fairness,” Monti said.

He said he would quickly work on lowering Italy’s staggering public debt, which now stands euro1.9 trillion ($2.6 trillion), about 120 percent of its GDP.

“But we won’t be credible if we don’t start to grow,” Monti said.

His administration must restore confidence in the country’s financial future and avoid contagion that would worsen the eurozone’s debt crisis. Italy’s spiraling financial crisis helped bring down media mogul Silvio Berlusconi’s 3 1/2 year-old government last week, after months of squabbling over how to save Italy from financial ruin.

Monti’s choice of unelected experts for his Cabinet and the prospect of tough reforms have fueled unrest. In cities from north to south, students clashed with police in protests against feared budget cuts Thursday, while previously planned transport strikes idled buses and trains.

Police in riot gear scuffled with students in Milan, as they tried to march to Bocconi University, which educates Italy’s business elite. Monti is Bocconi’s president.

“The government of the banks,” read one placard held by a youth in Milan.

In Palermo, Sicily, demonstrators hurled eggs and smoke bombs at a bank, and protesters threw rocks at police who battled back with pepper spray, the Italian news agency ANSA reported. One protester was injured in the head in Palermo, where police charged demonstrators who were trying to occupy another bank.

In Rome, hundreds of students gathered outside Sapienza University, while others assembled near the main train station. They marched toward the Senate, where lawmakers were holding a confidence vote in the evening on the new government.

Riot police in Turin reported several police injuries as they held back protesters trying to break through barriers in three locations.

Last week, parliament gave final approval to a package that will reform pensions, slash state spending and open up the economy. But Monti strongly suggested that much harsher medicine was needed to heal Italy’s finances and revive the stubbornly stagnant economy direct payday lenders.

He indicated Italians would be paying new taxes. Italy’s lack of a property tax on primary residences _ a move backed by Berlusconi_ is “a peculiarity, if not an anomaly” in Europe, Monti said.

Monti, who also is serving as finance and economy minister, said if Italy fails to grow and does not stay united, “the spontaneous evolution of the financial crisis will subject us all, above all the weakest, to far harsher conditions.”

He pledged to tackle chronic and widespread tax evasion to increase revenue, but also to further his goal of social fairness. Hiding or underreporting income by the self-employed is rampant in Italy, and workers with paychecks have long complained they bear an unfair share of the nation’s high taxes.

Monti said his government would consider reforms to lower Italy’s “elevated” tax rates. Employers say high payroll taxes discourage them from hiring.

In the workplace, Monti called for structural reforms but added “we must avoid the anguish which accompanies it.”

The question of how long Monti’s government will last has sparked intense debate among Italy’s political parties.

Some, like Berlusconi’s longtime ally the Northern League, refuse to back Monti’s government. Monti has said he intends to govern until the legislative period expires in the spring 2013. The League, which is strong in the affluent north, wants elections earlier.

Holding both thumbs down _ in a sign of rejection _ at the end of Monti’s speech was Senator Roberto Calderoli, a Northern League leader.

Pro-Catholic parties have said they would give “carte blanche” to the Monti government.

Some in Berlusconi’s conservative People of Freedom Party have called for early elections, but top party officials have said they will support Monti in parliament to achieve anti-crisis measures.

Monti indicated he was looking for wide support among Italians.

To encourage more women in jobs _ at 40 percent, the rate of Italian women in the workforce is one of Europe’s lowest _ he said he would consider lower tax rates for them.

In Rome, protester Titti Mazzacane said she was skeptical about the new government. While Monti chose “decent and competent people,” the government … “is a little bit too free-market liberal. I am a bit scared,” said the 53-year-old elementary school teacher.

Public schools have been hard hit by budget cuts from previous Italian governments.

Antonio Romano, who was distributing leaflets to protesters, said the government’s strategy is “make the workers and retired people pay for the crisis, not those who provoked the crisis. I mean big business, bankers.”

A transit strike of several hours idled the subway system and many buses in Rome. Milan was hit by a similar transit walkout.

State railways said a 24-hour nationwide train strike, called by one small union, affected only 5 percent of the train rains.

Alitalia reduced flights Thursday, warning that a four-hour afternoon strike in the air travel sector could cause flight delays. The walkout mainly involved air traffic controllers and airport workers, not Alitalia personnel.

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Stocks rose in early trading Thursday on strong retail sales news and encouraging reports about corporate profits. The Dow Jones industrial average was headed for its best week over the last five.

Retail sales increased 1.1 percent in September, the biggest gain in seven months and twice what economists projected. Retail sales are a key barometer of consumer spending, the biggest contributor to economic activity.

Google Inc. surged more than 6 percent after reporting that its online advertising and search dominance helped third-quarter profits rise 26 percent.

The Dow Jones industrial average rose 101 points, or 0.9 percent, to 11,579 at 10:02 a.m. Eastern time. The Standard & Poor’s 500 index rose 13, or 1.1 percent, to 1,218. The Nasdaq composite index rose 32, or 1.2 percent, to 2,653.

The Dow is up 4.2 percent for the week, putting it on track for its best week since the week ending Sept. 16.

Apple Inc.’s new iPhone goes on sale today. Record-setting early orders for the iPhone 4S showed why the company has thrived despite the weak economy. Apple shares rose more than 2 percent before the market opened.

European markets extended an eight-day rally despite an overnight downgrade of Spain by Standard & Poor’s and warnings from Fitch about big banks. Food and soap company Unilever PLC announced a major acquisition, and Swiss agrochemicals firm Syngenta reported strong third-quarter sales.

Retail sales are the government’s first look at consumer spending each month. Consumers account for 70 percent of economic activity. If they cut back, a recession is more likely. When they spend more, economic growth is more likely.

Google reported late Thursday that its third-quarter revenue was one-third higher than last year. It was Google’s fourth consecutive quarter of year-over-year revenue growth. Google is doing well because of the reach of its search engine and the effectiveness of its ads.

The government also said Thursday that businesses added to their stockpiles for the 20th consecutive month while sales rose for a third straight month. The increase suggests businesses remained confident enough to keep stocking their shelves.

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In a boost to the region’s moribund auto industry, General Motors will inject $380 million into its Wentzville assembly plant, adding 1,850 jobs and a new pickup line as part of a proposed new labor contract, the United Auto Workers announced Tuesday.

The announcement is part of GM’s commitment to invest a total of $2.5 billion in facilities nationwide and create or retain 6,400 jobs over the life of the four-year contract, according to the UAW.

The union and GM reached an agreement Friday, but did not reveal details of expansion plans until Tuesday. The 48,500 union members working for GM nationwide must still ratify the contract next week.

UAW Local 2250 Chairman Mike Bullock said the contract called initially for the Wentzville plant to add a second production shift of between 400 and 700 people in the first quarter of 2012. Local 2250 represents hourly workers at the Wentzville plant, which produces Chevrolet Express and GMC Savana full-size vans. About 1,300 people in one production shift currently work at the Wentzville facility.

“This will be a real shot in the arm for Wentzville and the St. Louis area,” Bullock said in a phone interview. “This really is a tribute to the men and women who work at the Wentzville assembly center and produce the best quality product at the best cost.”

The local automotive industry has been devastated in recent years. Closures included the Ford plant in Hazelwood five years ago and Chrysler’s two Fenton plants in 2008 and 2009. Multiple local automobile suppliers that feed those plants with parts also closed. In 2009, GM eliminated a shift at the Wentzville plant, affecting more than 800 workers.

Some were laid off, and some took voluntary transfers to GM facilities elsewhere.

Some of those transferred and laid-off employees could be eligible for rehiring, according to UAW officials. Sixteen former Wentzville GM employees were transferred to GM’s Fairfax assembly plant in Kansas City, Kan., and 27 laid-off employees remain on Local 2250’s recall list.

GM also will be offering openings to unemployed GM union workers nationally who have recall rights. The number of such workers was unavailable.

Additionally, there are 350 people on a local referral list who could be tapped for the new jobs, Bullock said.

The investment by GM would pay for a 500,000-square-foot addition to the Wentzville’s current 3.7 million-square-foot facility, improvements to its paint department and other upgrades. The new contract also details plans for a midsize pickup to be produced in Wentzville. More than 1,000 workers would start working on that new line in 2013 for a 2014 model pickup, Bullock said.

“We’ve been waiting patiently a long time to hear this news,” said Tom Brune, UAW communications coordinator for Local 2250.

As Joe Gurrieri, 31, of O’Fallon, Mo., used a mechanical arm to swing dash panels into place on a steady stream of Chevy Express vans Tuesday, he said he was hopeful current workers would have more job security. Gurrieri, a 12-year employee, said he had returned to work in November after being laid off. “It’s good to be back, and it’s good to know we’ll be here for a while,” he said.

Some analysts have speculated that GM will shift production of its Chevrolet Colorado or GMC Canyon pickups, which currently are made in Shreveport, La., to Wentzville. The Shreveport assembly facility, which employs more than 900 people, is not owned by GM and had previously been slated to close as part of GM’s emergence from bankruptcy in 2009. A GM spokesman declined to comment on the pending contract or expansion details.

Last week, plant manager John Dansby told the Post-Dispatch that he believed Wentzville had been selected for expansion because of the plant’s emphasis on producing high quality vehicles at low costs.

“We’ve been working really hard at the plant to try to position ourselves to be very competitive,” Dansby said.

Last year, the plant forecast production of 80,000 vehicles and ended the year producing nearly 100,000.

“Our volumes are increasing, and the buying public has done a great job supporting our product,” he said.

TAX BREAKS

To help finance the expansion, Wentzville’s board of aldermen approved last week partial tax abatement for GM if it expands. As part of the deal, GM would make “payments in lieu of taxes” to local school districts, and have 75 percent of its property taxes for the new development abated for 10 years.

Wentzville Mayor Paul Lambi said he was hopeful the new jobs would bring back what was lost when the GM plant downsized in 2009. “There was an unbelievable ripple effect,” Lambi said, describing the closure of nearby restaurants and retailers two years ago. “Every business that relies on retail sales was affected. Bringing back a second shift is extremely good news.”

A couple of miles from the plant, Dan Strantz, owner of Mama’s Grill, also welcomed the news. The diner’s location near the intersection of Highway 40 and Interstate 70 opened about a month and half ago, he said, but his family has been in the restaurant business since 1972. “It’ll be good that there will actually be people with money to go out and spend,” he said.

If the expansion proceeds, GM is likely to pursue state incentives. The automaker has been in talks with Gov. Jay Nixon’s office and Department of Economic Development officials for a year, according to the governor’s spokesman, Sam Murphey. The automaker has not yet applied for any state incentives.

“We are strongly encouraged by the recent steps GM has taken, and we look forward to continuing to work closely with GM throughout this process,” Murphey said in a statement Tuesday.

The UAW outlined investments proposed by GM at several other plants nationwide, including plans to invest $925 million at three Michigan factories that will generate 900 jobs during the life of the contract. GM also plans to invest in plants in Spring Hill, Tenn., which had been idled, and Fort Wayne, Ind., that will generate or preserve a combined 3,700 jobs.

Gerrion Grim, 53, of O’Fallon, Mo., has worked at the Wentzville plant for about 18 months. He said he was laid off for a while and returned to work in April. Now, he said, he would like to see job security. “I’m definitely hoping for some longevity,” he said. “I just hope it all goes well.”

Shane Anthony of the Post-Dispatch contributed to this report.

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It slowly began to dawn on Esther and Bruce Huffman that perhaps they were being filmed.

“Warning,” the gray-haired, bespectacled grandmother reads off the screen. “You must stop recording before trying to close cyber link.”

Pause. “Maybe this recorded us,” says the neatly coiffed, rosy-cheeked man next to her.

“Aw, gee,” Esther replies.

The realization came toward the end of a nearly three-minute video that has launched the retired Oregon couple to YouTube stardom. They had unwittingly captured their first attempt at learning how to work the webcam on a new laptop.

The Huffmans met a couple of years after Bruce’s first wife died, at the retirement complex in which they both lived. She liked his vivacity; he thought she would be a sturdy rudder to his boundless energy.

In the video, she plays the straight man as she tries to make a serious attempt at the request of their children and grandchildren. He’s bouncing in his seat next to her, making monkey faces.

Esther had bought a laptop late this summer. Already a Facebook user, she was asked by her family to try recording videos for the amusement of the grandchildren.

In mid-August, the couple sat in front of their laptop, fiddling with the controls of a video recording program. Somehow, they got the program running. Somehow, they pressed “record.”

It was filming as Bruce jokingly fretted about his appearance. “I’m so sad, Esther, I’m so sad,” Bruce says with a sad-clown expression. “Look at all the wrinkles up there and the cracks in my head.”

There is singing.

“Hello my darling, hello my baby, hello my ga-doh-go,” Bruce intones, sliding from Looney Tunes into gibberish. “Lala-te-ki-ka.”

Bruce makes faces, leaning close to the laptop screen and blowing out his cheeks: “Now look at the monkey. That’s a pretty good monkey!”

When the couple realizes the webcam might have been recording their antics, they stiffen. But their 21-year-old granddaughter, Mindy, saw the video’s potential. With their permission, she uploaded the file, dubbing it “Webcam 101 for Seniors.” By Thursday, it was nearing 3 million views on YouTube.

In the crush of media that has descended on them, the Huffmans struggle to explain what made the video so compelling. After all, it was just a couple minutes of two Oregonians in a retirement community doing … well, not much.

Perhaps, Esther said, people were attracted to its joy. We’re under such a negative news barrage daily, she said. War, crime, natural disasters _ wouldn’t people rather watch an 86-year-old man singing Looney Tunes?

Lynette Paulson, Esther’s daughter, ventured that the unmitigated happiness in the video resonates with viewers.

“They want to see that joy,” Paulson said. “It just brings you up.”

Or maybe, said 27-year-old grandson Luke Erickson, it shows the possibility that age doesn’t mean infirmness or discontent, but that two spectacularly unself-conscious people eight decades on are capable of happiness and supporting and loving each other.

“I don’t know how to do this,” Esther complains in the video.

Bruce leans in to her.

“Whatever you do,” he says, “you do fine.”

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Japan’s central bank kept its key interest rate unchanged at virtually zero Wednesday to help the world’s No. 3 economy weather a strong yen and worries about a global slowdown.

The Bank of Japan’s nine-member policy board voted unanimously at a two-day meeting to maintain the overnight call rate target at zero to 0.1 percent.

It described the economy as “picking up steadily” and said the supply problems triggered by the March 11 earthquake and tsunami were mostly resolved. The central bank expects the economy to return to moderate recovery from the second half of this fiscal year, which ends March 2012.

At the same time, it warned of U.S. economic uncertainty and European debt problems. It also questioned whether emerging, high-growth economies could maintain momentum while taming high inflation at the same time cash advance.

“It is necessary to carefully monitor how Japan’s economy will be affected by the uncertainty regarding the developments overseas and the ensuing fluctuations in the foreign exchange and financial markets,” the Bank of Japan said in its statement.

The central bank held off from introducing new measures to ease monetary policy despite calls from government and industry to do more. Last month, it expanded two existing funding tools by 25 percent to 50 trillion yen ($646 billion) as part of efforts to weaken the yen.

It vowed to keep interest rates at zero until prices stabilize and said it would continue pursuing “powerful monetary easing.”

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The Louisiana Gaming Control Board gave unanimous approval Thursday to a $181 million proposal to build a sixth riverboat casino-hotel in the Shreveport-Bossier City market in that state.

A group known as Bossier City Casino Venture LLC has an option to buy one of the two riverboat licenses in Lake Charles that are now owned by Isle of Capri Casinos Inc. Plans call for a one-story casino boat to be built on a Red River site in Bossier City, along with a 396-room hotel, four restaurants and a multi-use facility for concerts and meetings.

The development is named the Margaritaville Resort Casino. Bossier City Casino Venture has a licensing agreement with Jimmy Buffett’s Margaritaville Properties, which has hotels, restaurants and consumer items.

The development company is owned by Louisiana businessman William Trotter and Silver Slipper Gaming LLC, which has a casino in Hancock County, Miss.

Plans call for the project to open in May 2013. Voters in Louisiana’s Bossier Parish must approve it in a Nov. 19 referendum for the project to proceed.

If the plan wins voter approval, Isle of Capri would be shutting down its Crown Casino in Lake Charles. It also owns the Grand Palais riverboat casino in that city. The Crown typically is the lowest-winning riverboat in the state, taking in less than $2 million a month.

Paul Alanis, chief executive officer of Silver Slipper, discounted the idea that Margaritaville would only chop away at gambling winnings of the other riverboat casinos in Shreveport-Bossier City, along with the Louisiana Downs track casino. In recent years, Indian nation casinos in Oklahoma have grown to about $3 billion in annual winnings from players, while the Shreveport-Bossier City market has leveled out at around $780 million a year, he said.

Both markets compete for players from the Dallas-Fort Worth area. Analysts have said Oklahoma has gained an advantage because of its closer proximity to the area.

“We will grow this market and capture some of that $3 billion that is going to Oklahoma,” he said.

Alanis said the Margaritaville brand will appeal to middle- and high-end players, will attract players back from Oklahoma and will be appealing to those who have had experiences with the Margaritaville label. Its site will be adjacent to the Louisiana Boardwalk, a riverside complex of 92 stores and restaurants.

Although Bossier City Casino Venture is buying the Crown Casino as part of the license deal, Alanis said an all-new one-story dockside gambling boat would be built on-site in Bossier City.

According to what the developers called conservative figures, Margaritaville will help grow the Shreveport-Bossier City market to $842 million in gambling revenue in 2014.

Alanis was once a top official with Horseshoe Casinos, which has a Bossier City riverboat _ now owned by Caesars Entertainment Corp. _ that leads the market in casino winnings. He and Trotter said they immediately began working on bringing a casino to Bossier City after losing a competitive heat for the state’s final riverboat license in Lake Charles.

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South Korea’s central bank has purchased gold for the first time since the Asian financial crisis more than a decade ago as it seeks to diversify the country’s increasing pot of foreign reserve holdings.

The gold portion of South Korea’s official foreign reserves surged to $1.32 billion at the end of July from $80 million at the end of June, the Bank of Korea said Tuesday.

The country’s total foreign reserves, meanwhile, reached $311.03 billion at the end of July, an increase of $6.55 billion from the $304.48 billion in June, the bank said in a statement

The July total was a fresh record high after two months of declines. South Korea’s foreign reserves have surged this year and have now hit all-time highs in five of the past seven months.

South Korea’s reserves are largely invested in securities and deposits, according to the bank. A smaller component is a notional currency called Special Drawing Rights, which are overseen by the International Monetary Fund. Despite the big increase in gold holdings, the precious metal still accounts for the smallest portion of the reserves.

In a separate statement, the bank said that gold purchases in June and July amounted to 25 tons and brought total holdings to 39.4 tons. The purchases were reflected in July’s official reserves, it said.

The BOK said that the increase in gold holdings makes sense given the growth in the country’s total foreign reserve holdings and will be positive in improving the diversification of how the reserves are invested. The bank said it purchased gold as a long-term investment.

South Korea’s foreign reserve holdings surged past $300 billion for the first time in April.

The price of gold has soared to record nominal highs as it has won favor with investors who see it as a safe investment amid uncertainties that have plagued the world economy following the 2008 global financial crisis and continuing worries over sovereign debt instability in Europe and the United States.

South Korea’s central bank last bought gold in 1998 after the country suffered a massive foreign exchange crisis and was forced to seek an international financial bailout. The experience, part of broader economic turmoil in East Asia in 1997 that struck Thailand and Indonesia as well, has left a deep emotional scar on South Korean policymakers and ordinary citizens.

Individual South Koreans donated gold to the government, which then sold it to earn badly needed foreign exchange. The BOK bought up what was not sold internationally, according to the bank.

The central bank attributed July’s increase in the overall reserves mainly to the higher dollar value of the portion denominated in the Japanese yen and British pound in line with their strength against the greenback. The bank said that increased operating profits on the reserves also contributed to the gain.

Foreign reserves are a key economic and policy tool that countries can wield to defend their currency from speculative attack, provide liquidity and bolster the overall financial system. Asian countries and territories lead the world in reserve holdings.

South Korea’s reserves remained the world’s seventh largest behind those of China, Japan, Russia, Taiwan, Brazil and India as of the end of June, according to the central bank, which did not provide a global ranking for July. Seven of the top 10 holders of reserves as of the end of June were in Asia, according to the bank.

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