Stocks jump on report of Geithner nomination

[DogPoundPup]

Source: The News Observer / AP Business

NEW YORK - 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.

Read more: http://www.newsobserver.com/1566/story/1303943.html

[Tempest]

1. Geithner was a bailout fan and worked with Paulson

What's not to like as far as Wall Street is concerned?

[earthside]

2. The Inanity of Wall Street

Geithner might be a good pick for Treasury secretary ... but ...

If this is really the reason why the Dow jumped, it just shows why a person is foolish to have their money in the stock market these days.

Geithner isn't taking office until January, there is not a dramatic increase in retail sales, unemployment didn't go down, the banks are still cratering, the automakers are still failing -- but the market goes up because of a "news report" about a possible Treasury secretary?

Wall Street speculators are idiots.

[Jackpine Radical]

4. Right--Jackpine's Second Law again.

When the market is behaving insanely, only insane people are in the market.

[deepwater152]

3. wow-MORE OF THE SAME

First Rahm Emanuel(pro war,chair of freddie mac,pushed nafta) Now this. this guy is from clinons former adm. he pushed the repeal of the glass-steagal act,which is the main reason for the finicial meltdown. Clinton for secretery of state (pro war) he is going to keep gates as secretary of defense?(pro-war) Well I remember this place was an anti war site. not any more.

[maseman]

5. Hello and thank you for joing DU

Now go the fuck away. You can't spell (even with a spell check) you can't figure out how to punctuate, you make no sense. Go back to Freeperville dumbass.

[deepwater152]

6. Ok

Thanks for the greeting.Sorry for the spelling mistakes on the prior post.I rushed it through with out the spell check. Now instead of cursing me out and attacking my spelling why cant you make an intelligent retort to my statement.I must be wrong for disagreeing with obamas pro war staff.I protested bush for the past 8 years for taking us on military adventures.I protest all war thats not in self defense.I was HOPING that obama would bring CHANGE. is emanuel not pro war?did he not sit on the board of freddie mac during the troubled times? did he not push nafta?I guess hilary voted to end the war also.and keeping the peacenik gates on is a stroke of genius.Its seems like more of the same to me.I hope I'm wrong.

[WannaJumpMyScooter]

7. You missed today's RW point

the new AG burned women and children to death at Waco... you miss that memo?