U.S. Stocks Rally as Geithner Chosen by Obama to Head Treasury Department | WHAT REALLY HAPPENED


U.S. Stocks Rally as Geithner Chosen by Obama to Head Treasury Department

Bloomberg.com 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."

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