Geithner's appointment could come as soon as Monday, but it was not clear when Obama intended to formally unveil any of his other picks for the administration that takes office at the stroke of noon on Jan 20. The president-elect has largely stayed out of public view since his election on Nov. 4, preferring to work quietly with aides and Vice President-elect Joe Biden in a suite of offices in downtown Chicago.

One non-Cabinet choice that also has gotten close attention in Washington was announced Friday: where Obama daughters Malia and Sasha would attend school.

The winner: Sidwell Friends School, a private institution that another White House child, Chelsea Clinton, attended in the 1990s.

As for the Cabinet, Obama faces unusual challenges and has moved swiftly in assembling his team. Former President George H.W. Bush made his first Cabinet pick the day after his election in 1988, but former President Clinton did not name any members until after Thanksgiving. President George W. Bush's transition was delayed by the contested result in Florida.

While speculation has been rampant about most top-level appointments, there has been relatively little about Obama's choice for defense secretary. His aides encouraged speculation before the election that Robert Gates, who now holds the position, would remain in office for an interim period.

Other Cabinet selections so far include former Senate Majority Leader Tom Daschle of South Dakota as secretary of health and human services and Arizona Gov. Janet Napolitano, likely to be named as secretary of the Department of Homeland Security.

Napolitano was an early supporter of candidate Obama among the ranks of Democratic governors, as was Kathleen Sebelius of Kansas. Sebelius has figured prominently in recent days in speculation as possible secretary of labor.

Additionally, retired Gen. James Jones, a former Marine Corps commandant and NATO commander, was among those under consideration for national security adviser. James Steinberg, an Obama campaign aide who served in Clinton's White House, was another possibility, according to officials.

Obama has repeatedly referred to the economic crisis as the top priority for his new administration.

Geithner held posts in the Treasury Department under three administrations and five secretaries before moving to the New York Fed in 2003. He also held positions at the International Monetary Fund and was employed at the private firm of former Secretary of State Henry Kissinger.

The Dow Jones industrials soared by nearly 500 points late in the day, a sharp rise that coincided with first reports of Geithner's possible appointment.