Alan Shearer rescued a point for Newcastle after an embarrassing blunder by goalkeeper Shay Given had gifted Wolves the lead at Molineux.
Given was left red-faced after rushing from his box in the 27th minute only to totally fluff his clearance and leave Nathan Blake with a clear run for his first goal of the season.
But four minutes later Shearer swept home his 12th Premiership goal of the season from Lomana LuaLua's pass to bring the Magpies level and that was how it stayed.
Wolves went closest to snatching a win that would have lifted them out of the relegation zone, hitting the woodwork twice in the closing stages.
Eight minutes from time, Joey Gudjonsson's free-kick struck the outside of the post with Given struggling to cover.
Then in stoppage time, Senegal forward Henri Camara sent a header crashing against the crossbar with the Newcastle goalkeeper beaten once more.
Newcastle's best chances had come before Wolves took the lead.
Shearer hit the bar from eight yards on the quarter hour mark after good work down the right by Aaron Hughes. Titus Bramble also failed to hit the target when Lee Bowyer's free-kick found him unmarked at the back post.
The point was enough to move Newcastle up to sixth place in the table ahead of Birmingham's visit to Liverpool on Sunday.
Wolves remain second from bottom after a match that was marred by an accident before kick-off in which a display firework struck a female spectator in the face. The woman had to be hospitalised but was not seriously hurt.
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