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Stocks slip...Saturday mail delivery could end this year...Obama taps CEO for interior secretary

Wednesday - 2/6/2013, 11:40am  ET

NEW YORK (AP) -- Stocks are lower in early trading on Wall Street, despite strong earnings reports from media giants Disney and Time Warner. The Dow Jones industrial average began the day near multi-year highs after bouncing back yesterday from a triple-digit loss the day before. Aside from earnings, no major economic news is expected today.

WASHINGTON (AP) -- The U.S. Postal Service is planning to stop delivering mail on Saturdays starting in August in an effort to save about $2 billion a year. But it will continue to deliver packages six days a week. Postal officials say package delivery has increased by 14 percent since 2010, while the delivery of letters and other mail has declined.

WASHINGTON (AP) -- President Barack Obama has chosen a member of the business community to lead the Interior Department. An administration official says Obama will nominate Sally Jewell, who is president and chief executive officer at the outdoors company REI. She previously worked in commercial banking and as an engineer for Mobil.

WASHINGTON (AP) -- The Treasury Department says it has resumed borrowing now that Congress has approved a temporary measure that allows the government to take on debt to fund basic operations. Treasury says it's borrowed $41.3 billion since the suspension kicked in on Monday. The biggest part of it went to restoring two government employee pension funds. Treasury had moved money over from those funds to avoid breaching the borrowing limit.

WASHINGTON (AP) -- Former Treasury Secretary Timothy Geithner (GYT'-nur) is rejoining the Council on Foreign Relations in New York as a distinguished fellow. The council says Geithner will be called on to "produce thoughtful analysis of issues at the intersection of economic, political and strategic developments." He was a senior fellow with the council in 2001. White House chief of staff Jacob Lew has been nominated to replace Geithner at treasury.


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