Dow surges nearly 500 points apparently on anticipation of Obama's economic team

[Murrican]

http://www.marketwatch.com/news/story/Clinton-Geithner-Richardson-picked-Obama/story.aspx?guid=%7B2F6E36CF-C681-4AA4-A999-3361A2D32564%7D

Clinton, Geithner, Richardson picked for Obama cabinet

By Robert Schroeder

Last update: 3:09 p.m. EST Nov. 21, 2008

WASHINGTON (MarketWatch) -- Sen. Hillary Clinton, New York Federal Reserve President Tim Geithner and former Energy Secretary Bill Richardson have all accepted posts in President-elect Barack Obama's cabinet, according to media reports. Clinton accepted the position of secretary of state, the New York Times reported. Richardson is in line to become Commerce secretary and Geithner was picked to be Treasury secretary, NBC News reported.

[Venisenvy]

I disagree with hillary for secretary of state, funny enough the only one that I heard speak accurately on this issue is Jon Stewart. They disagree on a lot things foreign policy, so you pick that person to head up the department related to promoting your foreign policy.

[Murrican]

http://www.bloomberg.com/apps/news?pid=20601087&sid=adW9iCvqNoIY&refer=home

U.S. Stocks Rally as Obama Picks Tim Geithner to Head Treasury

By Eric Martin

Nov. 21 (Bloomberg) -- U.S. stocks rose and the Standard & Poor’s 500 Index rebounded from an 11-year low after President- elect Barack Obama picked New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.

“This news could really give the stock market a badly needed shot in the arm,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, wrote in an e-mail to clients. Geithner is a “fantastic choice to help lead the financial markets out of the wilderness.”

Citigroup Inc. pared a 35 percent slide and JPMorgan Chase & Co. trimmed a 16 percent tumble after a Democratic aide said Obama will nominate Geithner to replace Henry Paulson. National- Oilwell Varco Inc. and Chesapeake Energy jumped more than 12 percent as crude advanced for the first time in six days. The rally in the S&P 500 came after this week’s rout dragged its price-to-earnings valuation to the cheapest since 1995.

The S&P 500, which is poised for a third-straight weekly decline, gained 5 percent to 790.29 at 3:38 p.m. in New York. The Dow Jones Industrial Average rose 392.1 points, or 5.2 percent, to 7,944.39, while the Nasdaq Composite Index added 3.6 percent to 1,363.44.

[Murrican]

http://www.forbes.com/feeds/ap/2008/11/21/ap5728624.html

Associated Press

Stocks jump on report of Geithner nomination

By TIM PARADIS and SARA LEPRO , 11.21.08, 03:55 PM EST

Wall Street got a boost of confidence late Friday following a report that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary.

Stocks surged, with the Dow Jones industrial average jumping 325 points.

It wasn't immediately clear whether the market's advance following the report by NBC News was because it was in favor of Geithner as the Treasury nominee, or because investors are looking to pin down as many unknowns as possible about the new administration. In addition, some on Wall Street have grown frustrated with outgoing Treasury Secretary Henry Paulson over his handling of the government's effort to rescue the banking system.

The advance in stocks also came as the FDIC said it would guarantee up to $1.4 trillion in U.S. banks' debt for more than three years as part of the government's financial rescue plan. The directors of the Federal Deposit Insurance Corp. voted Friday to approve the plan, which is meant to break the crippling logjam in bank-to-bank lending.

Ahead of the report on Geithner, stocks had fluctuated Friday as Wall Street took a break from the heavy selling of recent days. Energy, utility and technology stocks showed some advances, but bank stocks declined sharply.

Stocks struggled to take a direction in early trading, then moved cautiously higher midday, but pulled back later in the afternoon in another erratic session that has become the norm on Wall Street. Stocks didn't move sharply higher until after the report that Obama would tap Geithner.

[Regis Philbin]

yeah, right. it's down, what 10%, 15% since his coronation??? LOL

[Richard Tafoya]

CNN:
http://money.cnn.com/2008/11/21/markets/markets_newyork/?postversion=2008112116
In particular, Wall Street seemed to welcome Obama's reported pick of Geithner, the vice chairman of the Federal Reserve's policy-setting committee. Geithner was the Fed's point person on the rescue of Bear Stearns and AIG. Selkin said that investors are betting that he might help broker a deal this weekend to save Citigroup too.

"It's not just that Wall Street likes Geithner, it's that there's relief that the incoming administration is taking some concrete steps to deal with the crisis," Selkin said.

Looking forward, stocks aren't likely to see a lasting rally, with the markets continuing to be driven by the day-to-day news, said Ron Kiddoo, chief investment officer at Cozad Asset Management.

"Maybe if we start to hear that Christmas isn't going to be quite as terrible as everyone thinks or if we get some other shred of less negative news, we can see a small advance," he said. "But at this point, I just don't see the catalyst."

[lions1mew]

Reeg, you need to get over this "God complex" you have with Obama. He's just a man. Try to control yourself.