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November 21, 2008

Market Jumps 500 on Naming of Geithner as Treasury Head

Hmmm... presumably he's a capitalist. And naming a capitalist to the Treasury post reassures the market.

I wonder what greater conclusions we can draw from that.

U.S. stocks rallied 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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posted by Ace at 04:26 PM

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