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US shares up on 'Treasury choice' US shares up on 'Treasury choice'
(1 day later)
US shares have risen sharply, following a report that US President-elect Barack Obama has chosen his treasury secretary, reassuring investors.US shares have risen sharply, following a report that US President-elect Barack Obama has chosen his treasury secretary, reassuring investors.
The Dow Jones Industrial Average added 494 points or 6.5% to end at 8,046.66. The Standard & Poor's 500 climbed 6.3%.The Dow Jones Industrial Average added 494 points or 6.5% to end at 8,046.66. The Standard & Poor's 500 climbed 6.3%.
The NBC television network reported the president of the Federal Reserve Bank of New York, Timothy Geithner, would be nominated as treasury secretary.The NBC television network reported the president of the Federal Reserve Bank of New York, Timothy Geithner, would be nominated as treasury secretary.
Mr Obama is expected to announce his economic team on Monday.Mr Obama is expected to announce his economic team on Monday.
The NBC report was welcomed by investors in what has been yet another volatile week of trading amid ongoing fears over the scale of the economic contraction.The NBC report was welcomed by investors in what has been yet another volatile week of trading amid ongoing fears over the scale of the economic contraction.
KEY APPOINTMENTS Chief of staff: Rahm Emanuel, a deputy chief of staff to Bill ClintonSenior advisers: David Axelrod, Valerie Jarrett, Peter Rouse and John Podesta (formerly chief of staff to Bill Clinton)Press secretary: Robert GibbsWhite House counsel: Greg Craig, formerly special counsel to Bill ClintonVice-president's chief of staff: Ron Klain, formerly chief of staff to Al GoreStaff secretary: Lisa Brown, formerly counsel to Al Gore Obama's team so far
"It is a bit of good news in that it takes the uncertainty out," said Joe Saluzzi, co-manager of trading at Themis Trading."It is a bit of good news in that it takes the uncertainty out," said Joe Saluzzi, co-manager of trading at Themis Trading.
Mr Geithner has worked closely with outgoing Treasury Secretary Henry Paulson in addressing the credit crisis and finding ways to boost the economy.Mr Geithner has worked closely with outgoing Treasury Secretary Henry Paulson in addressing the credit crisis and finding ways to boost the economy.
The 47-year-old played a crucial role in talks with Lehman Brothers before the investment bank went bankrupt.The 47-year-old played a crucial role in talks with Lehman Brothers before the investment bank went bankrupt.
He was also instrumental in the deals involving insurer AIG and JP Morgan, another bank.He was also instrumental in the deals involving insurer AIG and JP Morgan, another bank.
The NBC report was enough to counter concerns over the finance sector and in particular the future over banking giant Citigroup, which saw its shares plummet 20% as board members met.The NBC report was enough to counter concerns over the finance sector and in particular the future over banking giant Citigroup, which saw its shares plummet 20% as board members met.
Rising commodity prices helped boost mining and energy firms.Rising commodity prices helped boost mining and energy firms.
Aluminium company Alcoa added 23% while Exxon climbed 10%, after the price of oil recovered from its lowest level in more than three years.Aluminium company Alcoa added 23% while Exxon climbed 10%, after the price of oil recovered from its lowest level in more than three years.