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Markets Rally as Obama Narrows in on Economic Team

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.


Join The Conversation
StolzeMama StolzeMama 8 years
And his picks so embody his change message[sarcasm] other than press sec. they are all washington insiders. How do you bring change to washington with a bunch of insiders.... to me he is already showing that he said anything to get elected and he is equal to all the other dirty politicians
StolzeMama StolzeMama 8 years
chatty I agree, I thought it was funny that they posted that they rallied the market, but haven't had any articles that have stated since the election they have been in a tailspin. Interesting.. :?
PiNkY-PiNk PiNkY-PiNk 8 years
it seems like almost everybody who obama has picked up until now was somehow involved in the clinton administration. i love that!
chattycathy chattycathy 8 years
I hate that they (the media) refer to a one day gain as a rally! Especially after the two day losses brought the market below 8K points. It did help that Pres elect Obama did select his Tres Sec. But we'll see what next week brings. It will take a lot more than one person in any particular position to re-establish confidence, and thus have the market undergo a true rally. I have no gripes about Pres elect cabinet picks so far. I am surprised that he doesn't have more ppl who have experience in actually running a business and minorities. But then again, maybe I'm not.
HeatherStJoeMI HeatherStJoeMI 8 years
Why was I opposed? I forgot to say " After those primaries, the dynamic there was something I didn't want to see." If she'll be respectful and BEHAVE herself, I'm okay with that.
HeatherStJoeMI HeatherStJoeMI 8 years
I like the majority of his picks. I'm happy that he is reaching out to Hillary, first I was opposed.
azulsky azulsky 8 years
I like Obama's picks, I hope Chuck Hagel is also on his list his cabinet posts
liliblu liliblu 8 years
True I always wonder how they do that. It amazes me the time they take to figure out who'll be picked.
True-Song True-Song 8 years
I always try not to read the Bachelor message boards but they never fail to suck me in. Especially the sleuthers over on FORT that have is narrowed down to the final two after one commercial! So excited for a new season of my favorite bad tv show to start again in January!!
liliblu liliblu 8 years
I just hope the arguments over his picks don't get as nasty as the ones on the bachelor boards on abc.
Jude-C Jude-C 8 years
:ROTFL: I never thought about it that way before.
True-Song True-Song 8 years
I kind of feel like watching Obama hand out cabinet posts is this weird reality tv show. Governor Richardson, will you accept this Commerce Secretary Rose? Of course! *giggle* *awkward hug*
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