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Archive for December, 2009

Raleigh lands top culture ranking

Wednesday, December 30th, 2009

-newsobserver.com

RALEIGH — On the list of the nation’s most cultured and scholarly cities, Raleigh lands at the respectable No. 19 spot - not quite as erudite as Nashville, Tenn., but walloping Charlotte, Baltimore and Philadelphia with a fat, hard-cover dictionary.

For the seventh year, a national survey out of Central Connecticut State University has ranked “America’s Most Literate Cities,” collectingdata from places with at least 250,000 residents.

Raleigh failed to make the Top 10 again this year and actually slipped five positions behind such book-loving capitals as Seattle (No.1) and Minneapolis (No. 3). But it does keep its spot near the top of a roll call where New York doesn’t even appear.

“Whether we’ve really improved or whether the country’s ‘dumbing down,’” I don’t know,” said Nancy Olson, owner of Raleigh’s Quail Ridge Books.

The study weighs population against a string of education-related data: college degrees, newspaper circulation, bookstores per capita, library volumes.

If you look only at education, Raleigh dusts nearly every city in in the U.S., taking No. 3. In that category, only Seattle and Plano, Texas, rank higher for percentage of adults with high school diplomas and those with a bachelor’s degree or higher.

Everywhere else, Raleigh tumbles into double digits: tied for 20th for booksellers, sole occupant of the 44th spot for libraries, tied for 22nd in newspaper circulation.

Against list-topping Seattle, Raleigh can’t compare. The study shows nearly twice as many bookstores in the rainy Northwest and almost two times the number of published journals. Seattle also has double the number of Raleigh’s library branches per 10,000 people: 0.46 compared to 0.24 in the City of Oaks.

Study author and Central Connecticut State President Jack Miller said the data are meant to show how a city uses its literacy, not just its collective IQ. Historically, Olson said, the Southeast as an agrarian culture has lagged behind the rest of the country in literacy studies. Raleigh Mayor Charles Meeker said the city’s habits may lie deeper than statistics can measure.

“It’s correct there aren’t that many bookstores, and the libraries of course are a county function,” he said. “But it does seem like people read a lot.”

The only other North Carolina cities on the literacy list are Charlotte (No. 27) and Greensboro (No. 36).

And there’s one more set of bragging rights on the overall rankings: South Carolina is nowhere to be seen.

Asheville Homes Sale move up

Wednesday, December 30th, 2009

-Asheville Citizen Times

Some Asheville retailers report sales picking up as Christmas nears, improving December’s bottom line over last year and perhaps indicating the end of one of the nation’s deepest business downturns is now in sight.

Consumers were cautious in October and November, but “now they are back in form and having some fun,” said Carmen Cabrera, general manager of Mast General Store in downtown Asheville. Sales for the month are up about 3 percent from last year, and for the year, the store’s sales will be on par with 2008. “I’m happy with flat. I’m very pleased.”

Sales should continue into mid-January as consumers come back for exchanges and to use gift cards.

Crowds are coming again to the Toy Box on Merrimon Avenue, said owner Gary Green, where Christmas sales make up a third of his business.

“Last year was certainly a down year, and this year will probably be fairly level with last year, which is not unexpected,” Green said. “At least toys aren’t considered in the same category as $80,000 SUVs and million-dollar homes. People will still buy toys for their children. There might not be as many boxes, but there is going to be something under the tree. Santa does come.”

While spending may be up in the short term, Green isn’t ready to say that an economic recovery is under way. “I don’t think we’re going to see huge growth next year or even the year after. The country has got to get jobs for people. People who aren’t working can’t buy as much, so building an economy on personal spending is probably not a good long-term philosophy.”

Pinehurst, N.C.

Tuesday, December 29th, 2009

-cnnmoney.com

Pinehurst, N.C.
Golfers rejoice in Pinehurst
• Tee up your retirement video
Population: 12,000
% over 50: 57%
Typical 3-bedroom home: $300,000
Housing prices down: 27%
State income tax: 7.75%*

Most Americans know this town as the home of Pinehurst Resort, which contains one of the country’s oldest and most prestigious golf courses. Yet it’s also a friendly year-round community with a bustling downtown, first-rate regional hospital, and mild weather.

Granted, at $300,000, the typical home in Pinehurst isn’t rock-bottom cheap. But all residents are eligible for membership in the resort, which boasts eight golf courses, 24 tennis courts, three pools, and a 200-acre lake with a beach. If you buy a home from someone who already has a membership, you can pay $12,000 to join vs. $40,000 normally.

While the ability to hit the links all year is a big attraction, social life need not center on the sport. “We don’t even golf,” says Richard Fumea, 65, a retired human resources executive who moved here four years ago with his wife, Susan, 56. “Yet we made more friends in the first three months of living here than we’d made during our 20 years in the Chicago area.” –S.M.

Truffle Farming in NC?

Tuesday, December 29th, 2009

-cnn.com

HILLSBOROUGH, N.C. (Fortune Small Business) — I take my first bite of a truffle in Franklin Garland’s sunlit kitchen, which overlooks a greenhouse and an orchard of budding hazelnut trees.

In 1992, Garland became the first person to harvest and sell French black truffles on American soil. Today he stands at a table chopping lemon-size fungi. He hands me a shaving the size of a wood chip. When I chew it, a musky, acrid flavor explodes in my mouth and I — quite visibly — swoon.

“It’s intoxicating, isn’t it?” says Garland.

He and his wife, Betty, have entertained truffle lovers, foodies and would-be growers hailing from as far away as New Zealand. Visitors flock to their four-bedroom ranch-style house in this small North Carolina town to learn how to farm and hunt for the rare fungi. Although black truffles are harvested only from November through March, tourists visit throughout the year. A presentation, lunch and a trip to a truffle-bearing orchard cost $300.
The world’s priciest foods

The truffle is one of the world’s most desirable culinary treasures, a rare delicacy that has graced the tables of European royalty for centuries. Among the dozens of truffle species, the most valuable are the Italian white and the French black Prigord. Gallic farmers have cultivated black truffles for at least 200 years. But as the local crop dwindles — explanations range from arid French summers to the decline of the tradition — new suppliers are emerging in countries such as Spain, where many black truffles are now farmed, and China.

Although truffles may look like something you’d pick up in a plastic bag while walking your dog, their piquant shavings adorn the priciest dishes at top restaurants around the world. And when I held one of Garland’s black truffles in my palm, the tiny, jewel-like facets that cover its surface almost glowed, making it look like a black diamond.

That might explain the price: A pound of white truffles costs as much as $4,000, while a pound of the more common black Prigords goes for $800.

As Garland shows me around the 57-acre property, we’re joined by Charles Bradley, a soft-spoken neighbor who has become a reliable grower under my host’s tutelage. Entering the greenhouse, where the air feels tropical, we find tens of thousands of twiglike baby hazelnut and oak trees sitting in small boxes lined up in neat rows. When they grow to about four inches tall, Garland “inoculates” them: He applies truffle spores to the roots, where they will take hold and mature. He says he invented his proprietary method in 2001, although he won’t reveal anything about it other than its acronym: RFM.

“It means ‘really fun method,’” jokes Bradley, who admits that he doesn’t know Garland’s secret either. (”Only Betty and I do,” says Garland.) Whatever it is, it seems to be working. According to Garland, 14 of the 15 American farms that have successfully harvested black truffles use trees inoculated by the “Garland method.”

Jane Morgan Smith, president of the North American Truffle Growers’ Association and owner of Keep Your Fork Farm in King, N.C., purchased 125 trees from Garland in 2000 and reaped her first small harvest in 2006. “We had faith in him,” says Smith, who unearthed five pounds of truffles last year.

Garland harvests only a few pounds each season from his property, though he expects that to change when his new orchard matures in 2014 (it takes seven to 10 years after planting for a crop to emerge). He makes a living by selling about 30,000 inoculated trees annually to farmers around the world. At $22 a pop, that provides him with revenues in excess of $500,000, which he augments with tours, how-to books and commissions from selling other people’s truffles for them. He and Betty plan to grow the agritourism side of the business by constructing several luxurious cabins on the property and renting them to truffle enthusiasts. And they aim to expand the greenhouse to 100,000 trees next year. “The market isn’t close to saturated,” he says.
A truffle empire takes root

Garland first planted trees carrying black truffle spores in 1980. At the time he was working as an electronics engineer, having recently graduated from Carnegie Mellon University in Pittsburgh, where he studied math and psychology. He had read about truffle cultivation in the Wall Street Journal and was intrigued by the idea, so he paid a California grower $8,000 for 750 hazelnut trees, which he planted on his property in North Carolina. For the next decade, he kept his day job and waited for the trees to mature.

Then, in 1992, Garland noticed the shallow, porous surface of a truffle jutting out of the dirt near the trunk of a hazelnut tree in his orchard. Within a few years of that discovery, he and Betty were supplying celebrity chef Emeril Lagasse with black truffles; in 2007 they appeared on The Martha Stewart Show.

“The quality of product they’ve developed is amazing,” says Todd Gray, a James Beard-nominated chef who has cooked for Barack and Michelle Obama at his Washington restaurant, Equinox.

U.S. truffles are desirable to stateside chefs because they’re fresher and tariff-free. “European truffles lose some of their flavor by the time they cross the ocean and get to the U.S.,” Garland says. And although white and black truffles grow abundantly in Oregon, some foodies complain that they’re subpar and point to the price as evidence: Oregon truffles go for as little as $100 a pound.

Jim Wells, the owner of Oregon Wild Edibles, a Eugene-based truffle distributor, responds that most local growers are amateurs who harvest their truffles too early. “There are many valid reasons why the reputation of Oregon truffles is poor,” he says. “It’s not the fault of the truffles.”
Truffle hunt

After driving 25 minutes to Bradley’s house in Mebane, we near the wide, open meadow that surrounds his home. I can see the truffle orchard — a tidy two-acre grid of hazelnut trees that look like brown umbrella skeletons stuck upside-down into the ground. I was expecting something similar to an apple orchard, with luscious foliage, but the grass here is sparse, especially around the trees’ slender trunks.

“Those areas are the brûles,” explains Garland, scuffing the dirt with the toe of his boot. Like crop circles, these dirt rings signify something mysterious — in this case subterrestrials, not extraterrestrials. When truffles sprout underground, they suck up the nutrients from below, causing the surface vegetation to die.

We walk slowly through the orchard with Bradley’s golden retriever, Molly, and his beagle, Peedee, both experienced truffle hunters. Whereas humans can find truffles only by digging at random, dogs can smell them — they typically grow about three inches below the surface — from hundreds of yards away. Peedee quickly takes the lead by walking through the trees with his nose to the earth as we eagerly stalk behind. “Find truffle! Find truffle, Peedee!” Garland hisses.

As we snake through the dense rows of trees, I feel massive webs of exposed roots crisscrossing beneath my feet. Root density, Garland tells us, is an important factor in growing truffles. Another is pH: The soil must be at an alkaline level sufficient to support tree and fungus alike. Garland frequently travels to the Bradleys’ orchard and those of his other clients to ensure that the plants are properly maintained. “The only way I’ll make money is if they make truffles,” Garland says. “It shows that I believe in my product.”

As I venture off on my own, occasionally bending over to graze the dirt with my hand, I hear calls that Peedee is scratching at the dirt.

We rush to the excited beagle’s side and hunch in a circle around him. Sensing that he has an audience, Peedee stops digging and rolls onto his back, awaiting a belly rub and a treat. Garland feeds him, then picks up a spade and gently prods the dirt around the area. He uses his hands to scrape it away.

As he dislodges more soil, a circular outline appears in the ground. Digging around it with his fingers, Garland extricates a baseball-size black truffle and passes it to me. It feels cold and heavy in my hand, but when I hold it to my nose — whoosh! — I am swept up in that pungent, earthy smell. All it takes is a sniff to realize the lump I’m holding is worth more than $100.

Earlier in the afternoon, I had asked Bradley why he was investing so much in a crop that’s so difficult to grow. Was it the thrill of discovery? The sense of belonging to something special? Yes, he said. It was both of those things.

Now, as we leave his orchard, I look back at the field of seedlings, a soiled, deeply scented truffle in hand, and wonder what it’s like to pour your dreams into dirt — and pray that they turn into diamonds.

More improvements to Downtown

Tuesday, December 29th, 2009

-wral.com

Fayetteville, N.C. — After years of delays, work is set to begin next month on Russell Street, between Gillespie and Robeson streets, in downtown Fayetteville. The half-mile road is crisscrossed with railroad tracks and cloaked with potholes.

Downtown Fayetteville street to be repairedWATCH VIDEO
Downtown Fayetteville street to be repaired

The street has been in rough shape for years, making it difficult for business owners to attract customers.

“It’s affecting our ability to lease our buildings,” said Tom Watkins, who owns Kornerstone Design Inc., near the corner off Russell and Winslow streets.

He has been trying to lease the building for months but said potential tenants keep asking when Russell Street will be repaired.

“We had a national company that wanted to sign a 10-year lease, but we cannot answer that question,” he said.

Watkins said businesses, especially retailers, don’t want to be on such a shoddy street.

“It’s like driving through an impact area,” business owner Hollis Peery said. “I drive it as little as possible.”

Peery owns Peery Property Management, near Russell Street. He said the rough-and-tumble street repels customers.

“(There’s) a lack of traffic up and down it because of the damage,” Peery said.

The speed limit on Russell Street is 35 mph, but people must drive much slower due to the road’s damage.

“It’s probably the worst street in North Carolina, we believe anyway,” Mayor Tony Chavonne said.

Chavonne said the new year will bring a whole new look and feel to Russell Street, including a new cost of asphalt, brick-and-concrete sidewalks and new street lamps.

The mayor said the work would have been completed sooner, but repairs were delayed due to the economic recession and a corroded drainage system underground. In 2004, the DOT set aside money to repave Russell Street, but the cost of the project grew after engineers discovered the draining piping problems.

“Before, they just resurfaced (the road) and a few years later, you’d see the ruts again. This time, they’re going all the way down, replacing the piping beneath the ground,” Chavonne said.

The city has since installed a new water line and moved the street’s power lines underground to help make the area more aesthetically pleasing.

“It’s just an expansion of our downtown historic district, and I think it will spur economic development as we get it done,” Chavonne said.

The state awarded Barnes Paving Company of Lumberton a $1.6 million contract for the road project this year. The company plans to begin the work in January, with repaving complete by Oct. 1.

Business moves in the Triangle

Tuesday, December 29th, 2009

-newsobserver.com

Look for the Triangle to outperform the national economy as the country rebounds from the recession next year, says Mark Vitner, senior economist at Wells Fargo Securities.

“I think 2010 will be a surprisingly good year,” Vitner said. “It isn’t going to be one of our best years, but I think expectations may be a little too low right now.”

That upbeat assessment doesn’t extend to jobs, however.

Vitner projects that unemployment in the Triangle, which stood at 8.9 percent in October, will top out around 9.5 percent in the spring or early summer before beginning to recede. The Triangle is faring better than the state as a whole, which posted a 10.8 percent jobless rate for November.

The continued influx of newcomers from less-fortunate regions, as well as the return to the work force of people who were too discouraged to look for work during the recession, will keep the local unemployment rate high by historical standards even as new jobs are being created, Vitner said. The jobless rate accounts only for people actively seeking jobs.

Strength in the technology and pharmaceutical/biotechnology sectors will be a plus for the Triangle next year, said Vitner, because they are expected to fare relatively well. So will the Triangle’s ability to attract new businesses and expansions.

“One of the keys to Raleigh’s future is that it is still seen as a highly desirable place to do business,” said Vitner.

In recent months the number of positive corporate announcements, such as expansions and corporate relocations, has outstripped negative announcements such as layoffs in the Triangle, Vitner said. Companies making upbeat news typically cite the good business climate and a skilled labor force - as well as, in many cases, incentives offered by state and local governments - for their moves.

Among the good news lately: Investment banking giant Credit Suisse said it would hire about 300 additional workers in Research Triangle Park; Talecris Biotherapeutics intends to create 259 jobs in Johnston County; risk-management consulting firm IEM is moving its headquarters from Louisiana to RTP, where it expects to create 430 local jobs over the next six years; and LED maker Cree plans to boost its Durham payroll by 575 workers.

Jobs on the rebound.

Tuesday, December 29th, 2009

-newsobserver.com

North Carolina is expected to gain jobs in 2010, the first year of projected job growth since the recession wiped out more than 250,000 jobs from the state’s economy.

As companies begin to announce their hiring plans for the year, more than 2,000 jobs have already been announced in the Triangle and Charlotte areas, spanning finance, banking, technology, health care and even some manufacturing - sectors that reflect the traditional economic powerhouses of the state.

The hiring plans represent only a fraction of the new jobs expected. Economists predict that the state could generate as many as 45,000 new jobs next year. Many businesses have little choice but to rebuild staffs; they are running lean operations that can’t handle more demand. “They will not be able to produce more with the jobs they have,” said economist Mike Walden of N.C. State University.

Temporary hiring, often one of the early signs of economic resurgence, is recovering. This month, the national staffing firm Manpower projected an uptick in hiring in the first three months of 2010 by companies in Raleigh and Charlotte. It’s the first hiring increase Manpower has predicted in three years. The greatest hiring would be by companies in information technology, hospitality and the manufacturing of nondurable goods such as food and fabric.

In addition, the federal government will inject some short-term adrenaline into the state’s anemic economy and provide temporary employment for tens of thousands of people.

About $9 billion in federal stimulus funds are designated for this state, which is expected to translate into 105,000 temporary jobs over three years. Stimulus funds will create jobs in energy efficiency programs, building design upgrades, drinking water system improvements, public safety and transportation infrastructure.

Meanwhile, the U.S. Census Bureau is filling 24,000 openings throughout the state, mostly as door-to-door census takers. The Census Bureau has hired hundreds of managers, supervisors and others to run the census next year.

All that hiring won’t make up for the jobs lost in 2009. Nor is it expected to push the state’s unemployment rate below 10 percent. For that to happen, more small businesses will need to expand; something few have been able to do as banks have been reluctant to lend money.

Still, the recent spate of job announcements by high-profile corporations suggests that the economy is slowlyreviving.

Credit Suisse announced plans to hire 300 in Research Triangle Park, mostly in information technology for a new customer support center.

Cree, the energy-efficient light company in Durham, is planning to hire 575 people over three years to meet product demand from China.

Deutsche Bank is in the midst of a 320-job expansion in the Triangle.

In Charlotte, AB Electrolux plans to hire more than 700 people over five years for its new North American headquarters.

Maiden, about 40 miles northwest of Charlotte, will be home to a $1 billion Apple computer data center that will employ 50 people but is expected to create hundreds of indirect jobs.

News researchers Denise Jones and Lamara Williams contributed to this report.

A Bright 2010

Tuesday, December 29th, 2009

-newsobserver.com

A year ago, as North Carolina’s unemployment rate climbed past the national average and many areas began to feel the effects of the recession for the first time, economists looked toward 2009 with hope, saying it would surely bring a turnaround, if not a full recovery. This summer, they declared that the recession had ended, and for a few months, data on jobs and spending seemed to creep upward.

Yet for many, the pain lingers. A record number of people remain out of work. Wages remain stagnant for the employed. Customers remain hesitant to buy.

And as we ready to enter a new year, the question looms: When will it end?

Economists are mixed on the answer but agree that it depends on jobs, paychecks and spending. While 2010 will be brighter, they say, it could take years for those indicators to reach the levels of earlier this decade.

“It’s going to end at a different time for everybody,” UNC Charlotte economist John Connaughton said, adding that most will begin to feel better over the next six months. “Most people are hanging by a thread.”

The Triangle has fared better than much of the state, where unemployment was at 10.8 percent in November. The Triangle has benefited from its strong ties to education, health care and technology, as well as federal stimulus money earmarked for research. The Triangle’s unemployment rate was 8.9 percent in October,after being adjusted for seasonal effects. The November data will be released Jan. 5.

Across North Carolina, the economic plunge was deeper and has lasted longer than many imagined because of hits to the state’s long-suffering manufacturing sector and once-prosperous banking sector, and the resulting ripple effect on jobs and consumer credit.

In recent months, there have been hopeful signs: Layoffs have slowed, and temporary employment - often a precursor to permanent hiring - is up for the fourth straight month.

But this recession stretched almost two years, much longer and deeper than others in recent history. That has had a profound psychological impact on people, said Scott Huettel, an associate professor of psychology and neuroscience at Duke University.

“We’re not really set up to deal with these sudden shocks,” he said. “When suddenly the world changes under us, our brains aren’t really set up to deal with [it].”

That’s why many people pulled their money out of the stock market when it plunged, Huettel said. What’s more is that, regardless of the recession’s length, people will remember how bad it was at its worst, he said.

“It was really, really bad for people at different stages of it,” he said. “… The psychological impact of something like an extended recession may be worse than the actual hit.”

Waiting, but hopeful

Alicia Keisler, 35, of Raleigh lost her banking job in August. She thought for sure she’d have a new job within six months.

Keisler has been on several interviews but with little luck. One company called recently to tell her they wanted to offer her a job, but they were forced to freeze the position until February, she said.

But she remains upbeat, saying her phone has been ringing more in the last month.

“I’m hopeful,” said Keisler, who is relying on her unemployment insurance for now. “I won’t say there isn’t anything out there.”

Those who have kept their jobs are hurting, too. Many still fear layoffs, and many struggle to pay the bills as companies have frozen wages, eliminated benefits or slashed bonuses.

Sinking salaries

Nationally, private-sector workers’ wages increased just 1.3 percent in the six months ending in September, less than 40 percent as fast as the growth over the past few years, according to the Economic Policy Institute, a think tank in Washington, D.C.

Meanwhile, labor productivity in the second quarter jumped 6.6 percent, the largest gain since 2003.

Last quarter, the economy grew 0.8 percent over the quarter before, though corporate profits climbed 13.4 percent - indicating that companies are doing more with less, said Joe Keating, chief investment officer at the Raleigh-based RBC Bank.

In the Triangle, private-sector wages fell 5 percent this year, and finance wages, which make up 7 percent of the Wake County payroll, were down 4 percent. Again, that was better than much of the state. In Mecklenburg County, where bankers’ wages make up the biggest chunk of the county’s payroll, overall wages in the private sector fell 15 percent.

With unemployment so high, employers overall feel little pressure to raise salaries or reinstate benefits.

As jobs and wages have fallen, consumer spending has taken a hit.

Wake County pulled $777 million in retail sales in September, down 17 percent from the previous year.

Spending is expected to loosen next year, though it could take two or three years to bounce back to previous levels. In some cases, the psychological effect is just as strong as the financial worries and could take longer to undo.

“There are those who suggest we have entered a phase of frugality,” particularly as the big-spending baby boomers retire, said Connaughton, the UNCC economist. “Will we ever get it back?”

Stock is up!

Tuesday, December 29th, 2009

By SARA LEPRO, AP Business Writer

Stocks extended their gains into a seventh day following better readings on home prices and consumer confidence.

The reports Tuesday came in largely as expected, showing a continuing gradual improvement in the economy. The Conference Board said its index of consumer confidence rose to 52.9 in December from 49.5 in November. That was slightly better than the reading of 52 economists had forecast.

The index is still a long way from what is considered healthy. A reading of 90 or more signals a solid economy. However, the index has risen significantly from a historic low of 25.3 in February.

Earlier Tuesday, Standard & Poor’s/Case-Shiller said its home price index rose for a fifth straight month in October, edging up 0.4 percent. The index was off 7.3 percent from October last year, roughly in line with expectations.

The index is now up 3.4 percent from its bottom in May, but still almost 30 percent below its peak in April 2006. Only 11 of the 20 cities tracked in the report showed gains.

Trading was quiet, as it has been in recent days, as many investors took vacation between the Christmas and New Year’s Day.

Even in light volume though, the market has managed to climb, adding to the big gains logged since stocks hit 12-year lows in March, amid improving economic data. The Standard & Poor’s 500 index has posted gains for six straight days, rising 2.3 percent to reach a new high for the year.

“If you look at the day-to-day news coming out, it’s been very positive,” said Tim Speiss, chairman of Personal Wealth Advisors practice at Eisner LLP in New York.

In morning trading, the Dow Jones industrial average rose 23.05, or 0.2 percent, to 10,570.13. The Standard & Poor’s 500 index rose 1.32, or 0.1 percent, to 1,129.10, while the Nasdaq composite index fell 0.15, or 0.01 percent, to 2,290.93.

Reports showing an increase in durable goods orders and a decline in claims for unemployment benefits helped spur the market higher last week. On Monday, investors were encouraged by a jump in retail sales.

Speiss said he expects to see the market build on its recent gains at the start of the new year and through the first quarter.

“We’re going to be building momentum,” he said.

Government bonds inched higher Tuesday ahead of an auction of $42 billion of five-year notes. The Treasury Department is issuing a total of $118 billion of debt this week as part of its ongoing efforts to fund its stimulus programs.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.83 percent from 3.85 percent late Monday.

The dollar slipped against other major currencies. Oil prices added 4 cents to $78.81 a barrel on the New York Mercantile Exchange. Gold prices dipped.

About four stocks rose for every three that fell on the New York Stock Exchange, where volume came to a low 145.1 million shares.

In other trading, the Russell 2000 index of smaller companies rose 0.10, or 0.02 percent, to 633.85.

Overseas, Japan’s Nikkei stock average inched up 0.04 percent and Hong Kong’s Hang Seng index gained 0.1 percent. In afternoon trading in Europe, Britain’s FTSE 100 was up 0.7 percent, Germany’s DAX index added 0.3 percent, and France’s CAC-40 rose 0.6 percent.
Copyright 2009 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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