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Treasury Secretary Geithner sits well with markets
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Tim Geithner has previous
experience in the Treasury.
The Dow Jones Industrial Average reacted positively to the news that Tim Geithner will be chosen as Treasury Secretary, soaring nearly 500 points to close a week that still will go down as one of the worst in memory.
The S&P 500 and the Nasdaq also rose after news that Geithner would be part of President-elect Barack Obama's Cabinet.
Geithner was an early favorite for the job. The head of the Federal Reserve Bank of New York has international financial experience and has previously worked in the Treasury Department.
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