- Nov 28, 2005
- Professional Status
- Certified Residential Appraiser
- New York
Wall Street rally on news of Geithner for Treasury
Friday November 21, 3:33 pm ET
NEW YORK (Reuters) - Stocks rallied late on Friday after multiple news reports that New York Federal Reserve President Timothy Geithner will be nominated as President-elect Barack Obama's Treasury secretary.
The news erased uncertainty that has been hanging over the market and helped offset fresh worries about the future of embattled No. 2 U.S. bank Citigroup (NYSE:C - News), which had earlier put a cap on a broad advance during a choppy session.
Advancing energy shares also gave the markets a lift, climbing alongside oil, which rallied from 3-1/2-year lows. Exxon Mobil (NYSE:XOM - News) was the biggest lift for the Dow, gaining 6.2 percent to $72.77. The Dow Jones industrial average (DJI:^DJI - News) rose 188.04 points, or 2.49 percent, to 7,740.33. The Standard & Poor's 500 Index (^SPX - News) gained 17.98 points, or 2.39 percent, to 770.42. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was up 23.06 points, or 1.75 percent, at 1,339.18.