The Dow Jones shot up yesterday, closing almost 500 points ahead, after news broke that President-elect Obama would tap Timothy Geithner to be treasury secretary. Geithner currently serves as the chief of the New York Federal Reserve. The news helped reduce uncertainty in the markets, and pushed the Dow above 8,000 points.
Geithner, 47, served in the Treasury Department under Clinton's secretary Larry Summers. He has helped current Treasury Secretary Henry Paulson try to steer the US out of the financial mess. An official announcement is expected Monday. Obama will also name New Mexico Governor Bill Richardson Commerce Secretary, according to reports.