Stocks jump on report of Geithner nomination

Published: Friday, Nov. 21, 2008 2:27 p.m. MST
 |  E-MAIL | PRINT | FONT + - 
NEW YORK — Wall Street is ending a volatile week with an unexpected jolt of confidence following reports that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary. The major indexes have jumped more than 5 percent, with the Dow Jones industrials surging nearly 500 points.

Stocks have erased about half of the losses that came in steep selling Wednesday and Thursday.

Wall Street appears buoyed by reports that Obama plans to name his economic team on Monday — offering investors some hope of a smooth transition in an uncertain market.

The Dow is ending up 494, or 6.5 percent, at the 8,047 level.

Comments

You can be the first to comment on this story.

previousnext

Latest comments

This article comes from a newspaper that has had ZERO photos of a patriotic...

Obama is the reason there is any unrest in Iran. He gave hope to those who...

Obama controls all

Here Mike is venting, as all people should be about the mess the GOP left us...

Utah Jazz: Trade talk has Boozer with Bulls

This poor excuse of a man, a malcontent that is nothing more than me, me, me...

I had just celebrated my 75th birthday, and was getting ready to run in a...

0f the 89 post 88 want LOOZER gone. With those results we have 1 fooooool and...

My wife said, "How tacky." I agree. We were just a few yards away from...

I guess our first poster believes you need a legal education to qualify for...

"Time frame," unclassified NSA documents show that the contract will be...

Illinois graves, corpses desecrated

First off, when I hear a visibly shaken Rev. (where's his church?) Jesse...

Advertisements