Arsenal extended their lead at the top of the table as well as their unbeaten league run with a well-earned draw.
Arsene Wenger's side created the better opportunities on a difficult pitch and Sylvain Wiltord missed a golden chance when he scuffed a first-half shot wide.
Just past the hour Thierry Henry also hit the post after Edu's pass unlocked the Newcastle offside trap.
Newcastle's best effort was Craig Bellamy's flick but the Welshman was denied by Jens Lehmann's superb save.
The draw sent Newcastle level on points with fourth-place Liverpool, who lead Sir Bobby Robson's side narrowly on goal difference.
Newcastle began brightly with Bellamy prominent.
Gary Speed threaded a pass through to the Welsh international, who found some space between Kolo Toure and Sol Campbell, only to send his shot straight at Lehmann.
Bellamy was soon to give the German goalkeeper a stiffer examination flicking Shearer's cross goalward, but Lehmann got down quickly to make a wonderful one-handed stop.
Arsenal were playing their fourth game in eight days and took longer to settle, but Henry gradually brought Wenger's side into the match.
First he was denied by a well-timed covering tackle by Aaron Hughes and soon after the Frenchman went close with a curling shot.
Jose Antonio Reyes then took up the attacking mantle for Arsenal, deftly chipping the ball over Jonathan Woodgate before crossing to Edu, who was denied by Olivier Bernard's timely intervention.
Edu returned the compliment, releasing Reyes with a well-timed pass but the Spaniard was unable to find a team-mate with his cross.
A minute before the interval Jermaine Jenas misjudged a back-pass to Shay Given and was relieved when Wiltord, playing for the first time since December, scuffed his shot wide of the post.
Newcastle were more positive after the break and Laurent Robert drew a competent save from Lehmann with a low free-kick.
The impressive Bernard also hit the side-netting after bursting into the box.
However, Newcastle remained susceptible to Arsenal's rapid counterattacks and just past the hour Edu's long pass found Henry with just Given to beat.
Henry rounded the Newcastle goalkeeper but took the ball too wide and his shot hit the post.
Reyes missed another good chance when he directed a header straight at Given after Henry had floated a cross over from the left.
Toure might have snatched all three points for Arsenal in stoppage time when he glanced a header narrowly wide from a corner.
Newcastle: Given, Hughes, O'Brien, Woodgate, Bernard,
Ambrose (Bowyer 78), Speed, Jenas, Robert (Viana 79), Shearer,
Subs not used: Harper, Bramble, Ameobi.
Arsenal: Lehmann, Lauren, Campbell, Toure, Cole (Clichy 90),
Edu, Vieira, Silva, Wiltord (Pires 79), Henry,
Reyes (Bergkamp 79).
Subs not used: Keown, Shaaban.
Referee: P Durkin (Dorset).