Stocks Rise as Geithner Becomes Treasury Front-Runner
Friday brought more news from purportedly reliable sources close to Barack Obama, this time suggesting that the president-elect was zeroing in on Timothy Geithner as his pick for treasury secretary and New Mexico Gov. Bill Richardson for commerce secretary.
Friday brought more news from purportedly reliable sources close to Barack Obama, this time suggesting that the president-elect was zeroing in on Timothy Geithner as his pick for treasury secretary and New Mexico Gov. Bill Richardson for commerce secretary.
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Stocks rallied Friday, with the Dow industrials bouncing as much as 550 points, after reports surfaced that President-elect Barack Obama will nominate New York Federal Bank president Timothy Geithner as his new Treasury Secretary.
The Dow Jones industrial average (INDU) rose 494 points, or 6.6%, according to early tallies. It was the fifth-biggest single-session point gain ever, according to Dow Jones.
The Standard & Poor’s 500 (SPX) index gained 6.3% and the Nasdaq composite (COMP) added 5.2%.
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Editorial Cartoons
Editorial Cartoons
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
If the president wants the federal government to be able to borrow cheaply, there are far better options than negative interest rates.
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