U.S. markets mixed
NEW YORK, Feb. 13 (UPI) -- U.S. markets opened tentatively Friday morning, following a late-session surge Thursday prompted by news the government may subsidize some mortgage payments.
In late morning trading, the Dow Jones industrial average was off 6.77 points, or 0.09 percent, to 7,932.76. The Standard & Poor's 500 rose 0.17 percent, 1.45 points, to 835.19. The Nasdaq composite index gained 11.21 points, 0.73 percent, to 1,541.71.
The benchmark 10-year U.S. Treasury bond fell 12/32 to yield 2.833 percent.
The euro fell to $1.2844, compared to Thursday's $1.2855. Against the Japanese yen, the dollar rose to 91.61 yen, up from Thursday's 90.85 yen.
In Tokyo, the Nikkei average gained 74.04 points to 7,779.40, up 0.96 percent.
Stimulus spending may not be so easy
WASHINGTON, Feb. 13 (UPI) -- The proposed $789 billion U.S. stimulus plan purports to change some government agencies into grant-writing machines, ready or not, officials said.
Energy Secretary Stephen Chu, new on the job, would find his agency with an annual budget of $25 billion in charge of distributing $40 billion for energy-related projects, The Wall Street Journal reported Friday.
A Commerce Department office with fewer than 20 people on staff to process grants could be asked to oversee $7 billion for Internet projects, the newspaper said.
The Congressional Budget Office said technical and personnel issues would result in an eight-year backlog for some grant money to get out the door.
The Department of Energy "is going to have to dramatically change how it does business," Karen Harbert, a former senior Energy Department official, told the newspaper. "They are going to need more people, more oversight and more freedom to waive regulations," she said.
The DOE already has a reputation for moving slowly, and the Government Accountability Office recently warned the department was at "high risk" for mismanagement problems.
But if the House and Senate approve the bill "we've got to do it. Otherwise, it's going to be a bust," Chu said.
Microsoft explores retail options
REDMOND, Wash., Feb. 13 (UPI) -- U.S. software giant Microsoft Corp. said it hired a 25-year veteran of Wal-Mart to explore options for the company to open its own retail stores.
The strategy offers "tremendous opportunities," said David Porter, who left Wal-Mart to run product distribution at DreamWorks Animation SKG before signing on at Microsoft.
The move follows the success at Apple Inc. stores, which have helped boost sales at the rival computer company, The Wall Street Journal reported Friday. Apple has 200 stores selling Mac computers, iPods and iPhones.
Microsoft said the purpose of the stores would be "to create deeper engagement with consumers and continue to learn firsthand about what they want and how they buy."
But the move is "going to be a big challenge for Microsoft," said retail analyst Stephen Baker at NPD Group Inc.
Some PC makers might be angered if Microsoft, which only makes the software, chooses to sell a competitor's brand, the Journal said.
New motor vehicle sales dive in Canada
OTTAWA, Feb. 13 (UPI) -- Sales of new motor vehicles in Canada plunged 14.8 percent in December to 109,831 units, the largest drop since January 1998, Statistics Canada said Friday.
The decline is in line with the global economic recession and rising unemployment rate in Canada, which climbed to 7.2 percent in January, the agency said. In contrast, the 1998 drop was attributed to an ice storm that all but shut down much of the eastern part of the country.
Sales of new minivans, sport-utility vehicles, light and heavy trucks, vans and buses fell 20.4 percent to 50,997 units in December.
Sales of new passenger cars declined 9.2 percent to 58,834 units in December. The greatest fall was in North American-built cars, which dropped 14.8 percent, StatsCan said.
The decline in sales affected all 10 provinces and three territories, with British Columbia, Ontario and Saskatchewan each recording decreases of more than 15 percent, the report said.
