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

Great job Broncos. South Sevier really played poorly. I couldn't believe...

Teams from automatic qualifying conferences should be scared to schedule BYU....

Beautifully written. The Glenn Becks of the world are frightening.

when someone makes the statement: "the government will take over your health...

"looser" the "critism," the more I love it. Of course the Utes deserve to...

The real scam of this is that we have 3 undefeated non-BCS teams in the top...

Utah man dies in Oregon crash

The area near the Blues Mountains and over the passes are always a slippery...

Both BYU and Utah are overrated. BYU should not be ranked and (for the moment...

Utah Jazz fall apart against Kings

And the problem starts with the supposed leader named Deron Williams. When...

unfortunately Jason, the republicans did not make a genuine effort to produce...

Advertisements
Advertisement